BJ’s Wholesale Club, Inc. (NYSE:BJ) has received authorization from its Board of Directors for the repurchase of an addition $200 million of the company’s common stock. $271.8 million is available for share repurchases. The company recently announced plans to spend $100 million on share repurchases in 2010 during a year end conference call on March 3, 2010. The company has noted that stock repurchases may be made at management’s discretion. Repurchases will take place in the open market or in privately negotiated transactions.
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BJ’s Wholesale Club (BJ’s) is a warehouse club operator in the Eastern United States. As of January 31, 2009, the Company operated 180 BJ’s warehouse clubs, 102 of which operate gasoline stations, in 15 states. Its warehouse clubs includes the sales of food, general merchandise, gasoline and other specialty businesses. As of January 31, 2009, the Company operated 161 full-sized warehouse clubs that averaged approximately 113,000 square feet and 19 smaller format warehouse clubs that averaged approximately 71,000 square feet. Its clubs are located in both free-standing locations and shopping centers. During the fiscal year ended January 31, 2009 (fiscal 2009), food accounted for approximately 64% of its merchandise sales. The remaining 36% consisted of a variety of general merchandise items.
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