Lands' End, Inc. (NasdaqCM:LE) announces an Equity Buyback for $25 million worth of its shares.
March 15, 2024 at 08:06 am EDT
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Lands' End, Inc. (NasdaqCM:LE) announces a share repurchase program. Under the program, the company will repurchase up to $25 million worth of its shares. The Company expects to fund these repurchases through existing cash balances, borrowings under its asset-based senior secured credit facility or a combination of the foregoing.
All repurchases will be subject to compliance with the Company?s Term Loan credit agreement which imposes a per fiscal year limitation on share repurchases. The program is valid till March 31, 2026.
Lands' End, Inc. is a digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. The Company's segments include U.S. eCommerce, Europe eCommerce, Japan eCommerce, Outfitters, Third Party, and Retail. It has five distribution channels, which include U.S. eCommerce, International, Outfitters, Third Party and Retail. Its U.S. eCommerce offers products through its e-commerce Website. Its International offers products primarily to consumers located in Europe and Japan through e-commerce international Websites and third-party affiliates. Its Outfitters sells uniform and logo apparel to businesses and their employees, as well as to student households through school relationships, located primarily in the United States. Its Third Party sells the same products as U.S. eCommerce direct to consumers through third-party marketplace Websites and through domestic wholesale customers. Its Retail sells products through Company-operated stores.