Hastings Repurchases Stock4 Oct, 2006 By: Erik Gruenwedel
Hastings Entertainment announced that its board had authorized the repurchase of $2.5 million of the Amarillo, Texas-based retailer's common stock.
The repurchase, which represented about 3% of the company's outstanding shares, followed on the heels of a previously announced stock repurchase totaling $12.5 million.
Companies typically repurchase their own stock in an effort to encourage outside investment and shore up the stock price.
Hastings' shares closed Oct. 4 up 1 cent at $7.27 per share.