The Warnaco Group, Inc., the parent of Speedo, announced that its Board of Directors approved a new multi-year five million share repurchase program.
The company previously announced the completion of its 2005 and 2007 share repurchase programs, under which six million shares of common stock were repurchased. The shares authorized for repurchase under the program announced today represent approximately 11.3% of the Company's outstanding common stock.
All repurchases of shares under the new program will be made consistent with the terms of the Company's applicable debt instruments.
