The announcement comes after a committee of independent directors along with financial and legal advisors, completed a review of the firm’s strategic alternatives.
Maxine Clark, CEO said the expanded programme represents “excellent use” of the firm’s capital resources.
“The process conducted by our special committee was very comprehensive, but, as I said last month, complicated by a significant tightening in the financing markets and a general weakening in the consumer and retail environment,” Clark said.
“The Board’s decision to increase our share repurchase programme is a testament to our confidence and optimism in the strength of our business model and our commitment to increase shareholder value,” she continued.
The firm plans to focus on balancing its long-term business goals with short-term challenges in the retail environment. It aims to slow new store growth to about 25 stores, raise awareness of its online website and continue its European operations among other strategies.