HUDSON’S BAY PLANS BUYBACK
NEW YORK — Canadian retailer Hudson’s Bay Co. plans to buy back up to 3.5 million shares, or about 5 percent, of its common stock over the next 12 months.
With the announcement Friday, Hudson’s Bay shares gained 17 cents to close at $12.52 on the Toronto Stock Exchange Friday. All prices are converted from Canadian dollars at current rates.
Based on Friday’s close, it would cost Hudson’s Bay $43.9 million to complete the entire repurchase plan. Some of the shares may be purchased as part of the company’s senior executive share purchase plan, with the remainder to be bought by the company, the company said.
So far this year, Hudson’s Bay has purchased 982,000 shares for $12.5 million under an authorization that expires Dec. 14. Hudson’s Bay has over 500 units across Canada.