Press release
Lands’ End Announces $50 Million Share Repurchase Authorization
DODGEVILLE, Wis., June 28, 2022 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) announced today that its Board of Directors has authorized the repurchase of
About this update from Lands' End Inc
[{"type":"text","content":"DODGEVILLE, Wis., June 28, 2022 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) announced today that its Board of Directors has authorized the repurchase of up to $50 million of the Company’s common stock through February 2, 2024, the conclusion of its fiscal year 2023. Under the program, the Company may purchase its shares from time to time in the open market, in privately negotiated transactions, or by other means in accordance with federal securities laws. Simultaneously, the Company continues to explore debt refinancing options as part of its ongoing commitment to drive stockholder value. Jim Gooch, President and Chief Financial Officer of Lands’ End, said, “This share repurchase authorization exemplifies both the Board’s and management’s confidence in the strength of our business model and our long-term growth prospects. We believe a balanced capital allocation strategy supported by a share repurchase program, optimized debt structure and continued investment in our growth strategies will drive long-term value for our stockholders.” The Company expects that purchases will be funded through existing cash on hand, cash from operations, borrowings under its asset-based senior secured credit facility or a combination of the foregoing. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s shares, trading volume and general market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The share repurchase program may be suspended or discontinued at any time. About Lands’ End, Inc. Lands’ End, Inc. (NASDAQ:LE) is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. We offer products online at www.landsend.com, through Company Operated stores and through third-party distribution channels. We are a classic American lifestyle brand with a passion for quality, legendary service and real value and seek to deliver timeless style for women, men, kids and the home. CONTACTS Lands’ End, Inc.James GoochPresident and Chief Financial Officer(608) 935-9341 Investor Relations:ICR, Inc.Jean Fontana(646) [email protected] Forward-Looking Statements This press release contains fo...