CLAIBORNE HIKES BUYBACK
NEW YORK — Liz Claiborne Inc. has increased its stock buyback program by another $100 million, to $775 million.
As of Sept. 3, the company has repurchased or committed to repurchase 23.2 million shares for $674 million. The buyback program started in 1989.
At current prices, the newly authorized $100 million would buy about 2.2 million additional shares. The company has 69.7 million shares outstanding.
Shares acquired will be available for use under the company’s employee stock plans and for other general corporate purposes. Shares of Claiborne closed at 45 3/8, up 3/8, Thursday on the New York Stock Exchange.