Cherokee to Buy Back SharesMonday, October 7, 2013
Cherokee Inc. announced on Monday that it has approved a stock repurchase program of up to 1 million shares.
The Van Nuys apparel and brand-licensing company said the repurchase will take place over time and depend on market conditions. The company has 8.41 million diluted shares outstanding and a market cap of $108 million.
“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,” said Chief Executive Henry Stupp in a prepared statement.
Over the last year, the firm has been profitable and has expanded into the Chinese, Middle East and Indonesian markets.
Shares closed down 4 cents, or less than 1 percent, to $12.96 on the Nasdaq.