Consumer soft goods marketer Kellwood approves stock repurchase program
28 Jul '05
2 min read
Apparel firm Kellwood Company announced a stock repurchase program authorizing the Company to repurchase, at the Company's discretion, up to 10 percent of the outstanding shares of its common stock through open market or privately negotiated transactions.
The Board of Directors has approved the investment of up to $75,000,000 for this purpose.
The timing and the amount of any repurchases will be determined by the Company's management based upon market conditions and other factors. The stock repurchase program will be funded using the Company's cash balances, which are adequate to fund the stock, repurchase program and support Kellwood's strategy to acquire and build consumer lifestyle brands.
As of July 20, 2005, the Company had approximately 27,828,000 shares of common stock issued and outstanding. Robert C. Skinner, Jr., Kellwood's President and Chief Executive Officer stated: "The stock repurchase program underscores the Board of Directors' confidence in Kellwood's portfolio of apparel brands and related soft goods businesses and their ongoing growth strategies.
This announcement also demonstrates their commitment to enhance long term stockholder value and their optimism in their ability to generate improved returns by maximizing the value of their operating model."
Missouri based Kellwood is a marketer of apparel and consumer soft goods with sales in excess of $2 billion. Kellwood specializes in branded as well as private label products, and markets to all channels of distribution with product specific to a particular channel.
Kellwood designs & markets a variety of brands to fit the specific needs of our retail customers and our consumers. Company partners with a multitude of retailers, including department, specialty, and discount stores, as well as mail order houses to provide the best fashion, value and diversity of products. At Kellwood, building the best brands for all our customers is what drives us!
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