Cherokee Inc., a global marketer of style-focused lifestyle brands, announced that its Board of Directors has approved a new stock repurchase program authorizing the Company to repurchase up to 1 million shares of its common stock.
Henry Stupp, Cherokee’s Chief Executive Officer, commented, “This new share repurchase program reflects our Board’s confidence in the Cherokee Group’s long-term business strategy and growth plans, and we believe represents an attractive investment opportunity that will benefit both the Company and our shareholders.”
Under the program, share purchases may be made from time-to-time in the open market or through privately negotiated transactions, and the timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. Any repurchases will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time-to-time without prior notice.