San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Indianapolis— Gregg Appliances has commenced an offer to exchange up to $165 million principal amount of 9 percent senior notes due 2013 for a like principal amount of 9 percent senior notes due 2013. The new notes have substantially identical terms as the original notes, except the new notes have been registered under the Securities Act of 1933, as amended. The exchange is set to expire at the end of October, or a later date, if the retailer decides to extend the offer. Tenders of the original notes may be withdrawn at any time prior to the midnight Oct. 31 expiration deadline.
Hoffman Estates, Ill.— Sears Holdings has approved a common-share repurchase program to acquire up to $500 million of the company's common shares. Sears Holdings had about 165 million shares outstanding at the end of August. Shares will be purchased on the open market or in privately negotiated transactions.
Fort Worth, Texas— RadioShack has executed a share repurchase transaction of 20 million shares of company stock for about $500 million. The transaction was financed with about $300 million in short-term borrowing and $200 million in cash. About $200 million of the short-term borrowing is expected to be paid back through a sale-leaseback transaction that should close this fall. The share repurchase transaction is in lieu of RadioShack's regular share buyback program for the remainder of the year. The year-to-date regular buyback activity, coupled with the current transaction, totals $625 million in share repurchases for 2005. The impact to fiscal year 2005 earnings will be moderately accretive, said the retailer.
Santa Cruz, Calif.— Plantronics has announced a 1-million-share repurchase program, where the headset maker will, from time to time, purchase shares of its common stock, depending upon market conditions, in open-market or privately negotiated transactions.