KELLWOOD REPURCHASES 1.7M SHARES
NEW YORK — As part of a previously announced buyback plan, Kellwood Co. said it has completed the repurchase of 1.7 million shares, or about 6 percent, of its common stock from a unit of investment bank Goldman Sachs.
The repurchase was made through a negotiated transaction at a below-market price, Hal J. Upbin, Kellwood chairman and chief executive, said in a statement. The repurchased shares will be held in the company’s treasury and used for general corporate purposes, Kellwood said. The purchase price was not disclosed.
The stock purchase plan will continue, since Kellwood is authorized to buy back up to 10 percent of its outstanding shares, the company said.
Kellwood shares lost 7/16 to close at 18 3/16 on the New York Stock Exchange Tuesday.