BJ's Wholesale Club Announces Authorization to Repurchase an Additional $50 Million of Common Shares.NATICK, Mass.--(BUSINESS WIRE)--September 16, 1999-- BJ's Wholesale Club BJ's Wholesale Club, Inc. NYSE: BJ is a membership-only warehouse club chain operating in the East Coast of the United States, as well as in the state of Ohio. History , Inc. (NYSE NYSE See: New York Stock Exchange :BJ) today announced that its Board of Directors has approved an additional stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program under which management is authorized to repurchase up to $50,000,000 of the company's common stock. Stock repurchases will be made from time to time at management's discretion, in the open market or in privately negotiated transactions. The company also announced the completion of the $50,000,000 repurchase program authorized in August 1998. Under this program, BJ's repurchased 2,393,502 common shares at an average price of $20.89 per share. Jack Nugent, president and chief executive officer, said, "Our investment in BJ's stock over the past year has been rewarding. We believe that, at recent prices, BJ's stock continues to be undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. by the stock market." BJ's Wholesale Club introduced the warehouse club concept to New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. in 1984 and has since expanded to become a leading membership warehouse club in the eastern United States. BJ's currently operates 101 wholesale clubs in thirteen states. BJ's press releases are available on the Internet at www.bjswholesale.com or on Business Wire's Home Page at www.businesswire.com.cnn/bj.htm. |
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