Casual Male Retail Group Inc, retail brand operator of Casual Male XL and Rochester Big & Tall, announced that the company's Board of Directors has authorized the company to repurchase up to $30 million of its common stock.
"The stock repurchase program is a good investment of available funds and reflects our commitment to shareholders and confidence in the Company's earnings growth and accelerating cash flow," said David Levin, President and CEO.
The stock repurchase program authorizes the company to repurchase up to $30 million of its common stock through open market and privately negotiated transactions pursuant to Rule 10b-18 of the Securities and Exchange Commission (the 'SEC').
The stock repurchase program will expire on June 6th 2007 and may be previously terminated at any time without prior notice. The funds required for the share repurchases will be obtained from operating funds of the company and/or borrowings on its revolving line of credit.
Casual Male Retail Group Inc, the largest retailer of big and tall men's apparel with retail operations throughout the United States, Canada and London, England, operates 486 Casual Male XL and Casual Male Big & Tall stores, the Casual Male e-commerce site, Casual Male catalog business, 12 Casual Male at Sears-Canada stores and 23 Rochester Big & Tall stores and a direct to consumer business.
Casual Male Retail Group Inc
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