New York & Company, Inc. Announces Authorization of Share Repurchase Program
New York & Company, Inc. [NYSE:NWY], a specialty apparel chain with 600
retail stores, today announced that its Board of Directors has
authorized the repurchase of up to 3,750,000 shares over the next 12
months. Repurchases, if any, will be made from time to time in the
manner the Company believes appropriate, through open market or private
transactions including through pre-established trading plans.
The Company’s majority stockholder has indicated that it intends to
purchase up to 3,750,000 shares of the Company’s common stock through
open market or private transactions including through pre-established
trading plans. The majority stockholder has indicated that it intends to
instruct the broker executing the purchases to first fulfill all of the
Company’s purchase orders before any orders are filled on behalf of the
majority stockholder.
Purchases, if any, will be made in compliance with Securities and
Exchange Commission rules and regulations, subject to market conditions,
applicable legal requirements, and other relevant factors. Neither the
Company nor its majority stockholder is obligated to acquire any
particular amount of common stock.
As of November 26, 2008, the Company had approximately 60 million shares
of common stock outstanding.
Forward Looking Statements: This press release contains certain
forward looking statements. Some of these statements can be identified
by terms and phrases such as "anticipate,” "believe,” "intend,”
"estimate,” "expect,” "continue,” "could,” "may,” "plan,” "project,”
"predict”, and similar expressions and include references to assumptions
that we believe are reasonable and relate to our future prospects,
developments and business strategies. Such statements are subject to
various risks and uncertainties that could cause actual results to
differ materially. These include, but are not limited to: (i) the share
price of our common stock; (ii) our ability to open and operate stores
successfully; (iii) seasonal fluctuations in our business; (iv) our
ability to anticipate and respond to fashion trends; (v) general
economic conditions, consumer confidence and spending patterns; (vi) our
dependence on mall traffic for our sales; (vii) competition in our
market, including promotional and pricing competition; (viii) our
ability to retain, recruit and train key personnel; (ix) our reliance on
third parties to manage some aspects of our business; (x) our reliance
on foreign sources of production; (xi) our ability to protect our
trademarks and other intellectual property rights; (xii) our ability to
maintain, and our reliance on, our information technology
infrastructure; (xiii) the effects of government regulation; (xiv) the
control of the company by our sponsors and any potential change of
ownership of those sponsors; and (xv) other risks and uncertainties as
described in our documents filed with the SEC, including our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.
The statements made herein are made as of the date hereof neither we nor
our majority stockholder undertake any obligation to revise the forward
looking statements included in this press release to reflect any future
events or circumstances.
About New York & Company, Inc.
New York & Company, Inc., founded in 1918, is a leading specialty
retailer of fashion-oriented, moderately-priced women’s apparel. The
Company’s proprietary branded New York & Company ™
merchandise is sold exclusively through its national network of retail
stores and E-commerce store at www.nyandcompany.com.
The Company currently operates 600 stores in 44 states. Additionally,
certain product, press release and SEC filing information concerning the
Company are available at the Company’s website: www.nyandcompany.com.
