In a sign of confidence, Federated Department Stores Inc. announced Aug. 25 that its board of directors has authorized the repurchase of up to an additional $2 billion worth of its common shares.
This new authorization is on top of an existing repurchase program that, as of the end of the second quarter, had approximately $383 million of authorization remaining.
By increasing its authorization to repurchase shares, Cincinnati-based Federated, www.fds.com, is underscoring its confidence in the direction of the business and the Federated-May merger, Federated’s chairman/president/CEO Terry J. Lundgren said in a statement.
