The Company still hasn't been able to make good on its intention to buyback 2 million shares from October 2005 and now authorizes another 3 million buyback committment! Where is the money going to come from to fund this crazy scheme?
AP Hartmarx Authorizes 3M Share Buyback Thursday October 18, 5:47 pm ET Hartmarx Authorizes Buyback of 3 Million Shares
CHICAGO (AP) -- Hartmarx Corp., a maker of casual and golf apparel, said Thursday its board of directors authorized a new share repurchase program to buy back up to 3 million of its shares. The company said the new program is in addition to the previous buyback authorization for 2 million shares approved in October 2005. The company has about 58,000 shares remaining under that authorization.
Hartmarx had about 36.7 million shares outstanding as of Sept. 30.
Stock buybacks represent management's desperate attempt to thwart price erosion. Have you looked at the trading volumes lately? No one, I mean no one is buying this thing. Seems supported right now on thin ice.