LIZ CLAIBORNE PLANS TO BUY BACK 2.5M MORE SHARES
NEW YORK — Liz Claiborne Inc. has extended its share buyback program by $50 million, or about 2.9 million shares at current prices.
As of Jan. 10, the company had purchased about 13.9 million shares at an aggregate purchase price of $392 million. The company has about 76.7 million shares outstanding.
The company’s recent earnings have been lackluster, but it still has a cash hoard of over $300 million.
In announcing the new buyback, the company noted that it believes using a portion of its “available cash in this manner is in the best interest of our shareholders.”
Claiborne stock closed Wednesday at 17 3/8, up 1/8 in trading on the New York Stock Exchange.