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Article: Pic'N'Save's repurchase plan bolsters stock price.
- Article from:
- Los Angeles Business Journal
- Article date:
- March 5, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pic'N'Save's repurchase plan bolsters stock price
Discount retailer plans major expansion in Southeast
Los Angeles-based Pic'N'Save Corp. will buy back 5 million shares of its common stock, a "strong testimonial by the management" in the 190-store retail chain, one analyst said.
"The repurchase includes more than 14 percent of the company's outstanding stock (35.5 million shares), making this much more than a token move," said William Tichey, an analyst with New York-based Dean Witter Reynolds. "Given Pic'N'Save's expansion plans into the Southeast, which will also dramatically affect its balance sheet, the stock repurchase is a strong ...