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Sears plans stock buyback
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March 10, 1999: 2:04 p.m. ET
Retailer plans to repurchase up to $1.5B of common stock; spend $1B
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NEW YORK (CNNfn) - Retailing giant Sears, Roebuck & Co. said Wednesday it would do some buying of its own by repurchasing up to $1.5 billion of its common stock.
Sears (S), the nation's second-largest retailer after Wal-Mart (WMT), also said it plans capital expenditures of more than $1 billion this year.
"The share repurchase program reflects our confidence in the performance of Sears, and our commitment to increasing shareholder value," said Arthur C. Martinez, chairman and chief executive officer, in a statement.
The shares will be repurchased in the open market or privately negotiated transactions. Timing will depend upon prevailing market conditions, alternative uses of capital and other factors. The program is expected to be completed by Dec. 31, 2001.
Sears was up 9/16 at 44-1/4 in early afternoon trading. 
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Sears
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