Pittsburgh -- GNC Holdings, Inc.’s board of directors has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately and replaces GNC’s previous authorization, which had approximately $250 million remaining.
The repurchases are expected to take place over the next 24 months.
"Today's announcement reflects our confidence in the business and its ability to continue to deliver strong free cash flow," said Mike Hines, chairman of GNC. "We remain committed to our capital allocation strategy, which is designed to both support growth and to return capital to shareholders. Increasing our share repurchase program is a very important component of this.”