American Apparel announces $25 mn share repurchase program
27 May '08
1 min read
American Apparel Inc announced that its Board of Directors has authorized the repurchase of up to an aggregate of $25 million of its outstanding common stock.
It is expected that repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program is expected to continue over the next twelve months unless extended or shortened by the Board of Directors.
The actual number and timing of share repurchases will be determined at American Apparel's discretion and will be subject to market conditions, applicable legal requirements and other factors.
“This share repurchase program reflects the confidence we have in our business and our commitment to preserving shareholder value. By authorizing this repurchase program, it is our intent to address some of the dilution from the warrant redemption completed in March of this year,” said American Apparel's Director of Corporate Finance and Development, Adrian Kowalewski.
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