The Gymboree Corporation announced that the Company has completed the repurchase of $50 million (approximately 1.4 million shares) of the Company's outstanding common stock under its share repurchase program authorized by the Board of Directors in July 2007.
The Company's Board of Directors has authorized the Company to utilize an additional $25 million of the Company's cash reserves and/or cash borrowings to purchase shares of the Company's outstanding common stock under a new share repurchase program. Purchases under the new share repurchase program will be made from time to time on the open market or in privately negotiated transactions.
Depending on market conditions and other factors, purchases under this program may be commenced or suspended without prior notice at any time, or from time to time, through November 30, 2008.
"We continue to be confident about the Company's outlook for earnings growth throughout the remainder of 2007 and beyond," said Matthew McCauley, Chairman and Chief Executive Officer. "Given the success of our strategic initiatives and the continued sell-off in the equity markets,
I am pleased the Board of Directors has agreed to increase our share repurchase program in our continuing effort to enhance shareholder value."
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
