UPDATE: Cherokee Announces 1M Share Stock Repurchase Program
Cherokee Inc. (NASDAQ: CHKE), a global marketer of style-focused lifestyle brands, today announced that its Board of Directors has approved a new stock repurchase program authorizing the Company to repurchase up to 1 million shares of its common stock.
Henry Stupp, Cherokee's Chief Executive Officer, commented, “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.”
Under the program, share purchases may be made from time-to-time in the open market or through privately negotiated transactions, and the timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. Any repurchases will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time-to-time without prior notice.
About Cherokee Inc.
Cherokee Inc. is a global marketer and manager of a portfolio of Fashion and Lifestyle brands including Cherokee®, Carole Little®, Liz Lange® and Sideout®, in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 40 countries around the world including Target Stores (U.S. and Canada), Tesco (U.K., Ireland and certain Central European countries), RT-Mart (Peoples Republic of China), Pick ‘n Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India and certain Middle Eastern countries), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Eroski (Spain), Nishimatsuya (Japan), Magnit (Russia), Landmark Group's Max Stores (certain Middle East and North Africa countries), and the TJX Companies (U.S., Canada and Europe).
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