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Aaron's announces accelerated stock buyback

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December 4, 2013 11:09 AM EST | AP


ATLANTA (AP) — Aaron's plans to buy back $125 million of its common stock under an accelerated repurchase program.

It is scheduled to pay $125 million to Wells Fargo on Wednesday for about 3.5 million shares. The Atlanta company said this currently represents an estimated 80 percent of the shares expected to be purchased in the program.

Aaron's Inc. said it had about 76.3 million outstanding shares as of Oct. 25.

The company, which sells and leases furniture, electronics, home appliances and accessories, said it will use available cash to fund the program.

The accelerated stock buyback is expected to be completed by May, but the program may be completed earlier or extended.

The stock added 27 cents to $28.82 in morning trading.