BJ's Wholesale Club Board of Directors Authorizes Additional $100 Million Common Share Repurchase.Business Editors NATICK, Mass.--(BUSINESS WIRE)--Sept. 26, 2001 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 authorized the repurchase of up to an additional $100 million 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 that it has repurchased 1 million shares of its common stock since August 5, the beginning of its third quarter, at an average price of $45.95 per share, or $46.0 million. From the inception of its share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. activities in August 1998, BJ's has repurchased a total of $191.9 million of stock at an average price of $30.31 per share. Including the additional $100 million authorization, a total of $108.1 million is available under the share repurchase program. Jack Nugent, BJ's president and chief executive officer, said, "We believe that BJ's common stock represents good value at recent prices and that our repurchase plan will continue to be rewarding for BJ's shareholders." BJ's Wholesale Club, Inc. introduced the wholesale club format 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 warehouse club in the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . BJ's currently operates 122 clubs in fifteen states. BJ's press releases are available on the Internet at www.bjs.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion