Business
The Children’s Place Announces New Share Repurchase Authorization for Up to $250 Million of Common Stock
SECAUCUS, N.J., Nov. 18, 2021 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in
About this update from Children's Place, Inc. (the)
[{"type":"text","content":"SECAUCUS, N.J., Nov. 18, 2021 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has approved an additional share repurchase for up to $250 million of the Company’s outstanding stock. Jane Elfers, President and Chief Executive Officer said, “Having managed through the pandemic at a very high level, the new share repurchase authorization reflects the Board’s confidence in the Company’s future performance and our on-going commitment to delivering increased value to shareholders.” At the end of the third quarter of 2021, the Company had approximately $48 million remaining of the $250 million share repurchase program, which was authorized by the Board of Directors in March 2017. Under the new share repurchase program, the Company may repurchase shares in the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under the program will depend on a variety of factors including price, corporate and regulatory requirements, and other market and business conditions. The Company may suspend or discontinue the program at any time, and may thereafter reinstitute purchases, all without prior announcement. About The Children’s PlaceThe Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise predominantly at value prices, primarily under the proprietary “The Children’s Place”, “Place”, “Baby Place”, “Gymboree” and “Sugar & Jade” brand names. The Company has online stores at www.childrensplace.com, www.gymboree.com and www.sugarandjade.com and, as of October 30, 2021, the Company had 703 stores in the United States, Canada, and Puerto Rico and the Company’s eight international franchise partners had 221 international points of distribution in 17 countries. Forward Looking StatementsThis press release contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and a...