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Hastings approves stock repurchase program
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By Susanne Ault -- Video Business, 11/20/2007
NOV. 20 | Hastings Entertainment’s board of directors has authorized a $7.5 million stock repurchase program in a continued effort to bolster the chain’s share price.
The program allows Hastings to repurchase approximately 8% of the retailer’s outstanding common shares. It follows earlier repurchase programs, which have totaled $15 million.
Hastings share price was $8.85 as of mid-day trading on Tuesday.
“We believe that our stock price does not reflect our long-term value and are using the program to provide our shareholders additional opportunities to realize investment returns,” Hastings chair and CEO John Marmaduke said.