Zale Announces $200M Stock Repurchase
November 12, 07
Zale has been facing financial woes recently, leading to restructuring and personnel changes. One outcome was the sale of its upper-end brand, Bailey Banks & Biddle, to store-in-store operator Finlay Fine Jewelry Corporation. The just-completed sale, for a purchase price of $200 million, will lend Zale an estimated $175 million in after-tax, expenses and outstanding payables. “The use of proceeds to repurchase stock is a way to return value to shareholders,” Burton said in a release.