MAHWAH, N.J.--(BUSINESS WIRE)--Dec. 15, 2015--
ascena retail group, inc. (NASDAQ:ASNA) (the “Company”) today
announced that its Board of Directors has authorized a $200 million
stock repurchase program. Purchases made under this program are
authorized to be made by the Company from time to time when market
conditions warrant, subject to any approvals required under the
Company’s existing loan documents. The program authorizes the purchase
of ascena common stock through open market purchases and/or privately
negotiated transactions, and is subject to applicable SEC rules. This
program replaces the existing stock repurchase program amended in Fiscal
2011, which had a remaining authorization of approximately $90 million.
This stock repurchase program does not obligate the Company to acquire
any particular amount of common stock, and it may be suspended at any
time at the Company’s discretion.
David Jaffe, President and Chief Executive Officer commented, "This new
authorization demonstrates our Board’s confidence in ascena’s operating
model and expected cash flows, and creates additional flexibility to
enhance stockholder value. We remain focused on commitments we’ve made
to the rating agencies and our debt holders to de-lever our balance
sheet, and will act in an opportunistic manner with excess cash."
About ascena retail group, inc.
ascena retail group, inc. (NASDAQ:ASNA) is a leading specialty
retailer offering clothing, shoes, and accessories for missy and
plus-size women under the Ann Taylor, LOFT, Lou & Grey, Lane
Bryant, Cacique, maurices, dressbarn, and Catherines brands,
and for tween girls under the Justice brand. ascena retail
group, inc. operates through its subsidiaries approximately 4,900 stores
throughout the United States, Canada and Puerto Rico.
For more information about ascena retail group, visit ascenaretail.com,
AnnTaylor.com, LOFT.com, louandgrey.com, lanebryant.com, cacique.com,
maurices.com, dressbarn.com, catherines.com, and shopjustice.com.
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Source: ascena retail group, inc.
ascena retail group, inc.
James Palczynski, 203-682-8229