JONES BOARD OK’S $100M BUYBACK PLAN
NEW YORK — Jones Apparel Group Inc. said Friday its board has authorized a stock repurchase program to acquire up to $100 million worth of Jones’ outstanding common stock.
At current prices, the program allows Jones to repurchase about 2.9 million shares. As of Dec. 13, Jones Apparel had 26.3 million shares of common stock outstanding.
The better women’s sportswear maker said it would finance the share repurchases with its cash and credit facilities. The company said it would purchase shares from time to time over a two-year period, beginning immediately. Sidney Kimmel, chairman, cited favorable market conditions for the repurchase program and added that it would “enhance shareholder value.”
Jones Apparel closed at 35 1/8, up 1 Friday on the New York Stock Exchange.
— Fairchild News Service