Federated Resumes Stock Repurchase Program.CINCINNATI--(BUSINESS WIRE)--Nov. 23, 1999-- Federated Connected and treated as one. See federated database and federated directories. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. announced today that it is resuming its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, which had been suspended prior to the acquisition of Fingerhut Companies, Inc. in March 1999. Federated said that the decision to resume the program relates to both the expiration of the company's Series C Warrants on December 19, 1999, which is expected to result in the issuance of approximately 8.9 million shares, and to the recent trading levels for Federated stock. The Federated board of directors originally authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a repurchase program of $500 million in May 1998, which was increased to $1 billion in October 1998. Approximately $591 million of the authorized amount has been used to buy back 12.8 million shares to date. The current authorization expires as of January 29, 2000. The company said it may repurchase shares from time to time in the open market or through privately negotiated transactions, depending on prevailing market conditions, alternative uses of capital and other factors. Federated, with corporate offices in Cincinnati and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is one of the nation's leading department store retailers, with annual sales of more than $17.3 billion. Federated currently operates more than 400 department stores in 33 states under the names of Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus, Macy's, Rich's and Stern's. Federated also operates the Fingerhut, Bloomingdale's By Mail, Macy's By Mail and Macys.Com direct-to-consumer catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. and electronic commerce subsidiaries. (NOTE: Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained in this release involve risks and uncertainties that could cause actual results to differ materially from those contemplated by those statements. Factors that could cause such differences include the risks associated with retailing generally, transactional effects and other investment considerations described from time to time by the company in its filings with the Securities and Exchange Commission.) Information on Federated and its operating divisions is available on the Internet at http://www.federated-fds.com. Copies of past press releases and corporate background data also are available by calling Fax-On-Demand at 1-800-853-9150. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion