FINANCE

Pier 1 announces $200 million share repurchase program

BY Staff Writer

Fort Worth, Texas — Pier 1 Imports announced that its board of directors has authorized a new $200 million share repurchase program.

The new share repurchase program is effective immediately and authorizes the repurchase of up to $200 million of the company’s common stock in open market or private transactions. As of October 17, 2013, Pier I had approximately 103.8 million shares of common stock outstanding.

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OPERATIONS

Hibbett Sports announces board transitions

BY Staff Writer

Birmingham, Ala. — Hibbett Sports announced that effective February 2, 2014, Mickey Newsome will transition from his current position as executive chairman and employee of the company to non-executive chairman.

The retailer also announced that Jeff Rosenthal, president and CEO, has been appointed to the board of directors, effective immediately, thereby increasing the size of the board to ten members.

Mickey Newsome stated: “It has been my life’s work and privilege to lead Hibbett Sports for the past 48 years, as well as to bring many of the world’s leading brands to the communities we serve. The end of this fiscal year is an appropriate time for me to transition from my day-to-day executive duties to my responsibilities as non-executive chairman. I’m confident that the team, under Jeff’s leadership, will continue to deliver the growth, customer service, associate development and strong shareholder returns that we have all come to expect from Hibbett.

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News

Changing of the guard at Hibbett Sports

BY CSA STAFF

Hibbett Sports has put its succession plan into motion. Effective Feb. 2, 2014, Mickey Newsome will go from executive chairman of the board and CEO to non-executive chairman. Additionally, president and CEO Jeff Rosenthal has been appointed to the board, bringing the total number of members 10.

“It has been my life’s work and privilege to lead Hibbett Sports for the past 48 years as well as to bring many of the world’s leading brands to the communities we serve," said Newsome. "The end of this fiscal year is an appropriate time for me to transition from my day-to-day executive duties to my responsibilities as non-executive chairman. I’m confident that the team, under Jeff’s leadership, will continue to deliver the growth, customer service, associate development and strong shareholder returns that we have all come to expect from Hibbett. I’m pleased that Jeff’s many contributions have been recognized with his appointment to the board.”

“On behalf of a grateful board and more than 7,500 associates, I’d like to thank Mickey for his leadership, commitment and vision," added Al Yother, lead director of Hibbett Sports. "As part of the company’s ongoing succession planning, he has assembled what we believe is the best and most talented team in the sporting goods industry. From 13 stores in 1980 to more than 890 today, he has led Hibbett Sports through a tremendous period of growth and exceptional standing within the vendor, landlord and investment communities. We are confident in the company’s continued success under Jeff’s leadership and I look forward to working with both of them on the board of directors.”

Hibbett Sports operates sporting goods stores in small to mid-sized markets, predominately in the Southeast, Southwest, Mid-Atlantic and the lower Midwest regions of the United States. The company’s primary store format is Hibbett Sports, a 5,000-sq.-ft. store located in strip centers and enclosed malls.

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