American Stores Co. said Wednesday its directors have authorized a new repurchase program that allows it by buy back up to 2 million shares of its common stock.
The Salt Lake-based company said it intends, "from time to time," to repurchase the shares in the open market and in privately negotiated transactions. The shares will be used to fund the company's benefit plans and for other general corporate purposes.On May 31, American Stores had approximately 145.9 million shares outstanding.
The new stock repurchase program replaces the program authorized in 1993, and the company said no additional shares will be purchased under that program. As of June 18, American Stores had bought back some 3.6 million of the 4.0 million shares authorized for repurchase under the 1993 program.
American Stores operates 1,636 stores in 25 states. Its principal retail operations include Acme Markets, Jewel Food Stores, Lucky Northern California Division, Lucky Southern California Division, Jewel Osco Southwest, Osco Drug and Sav-on.