PITTSBURGH, June 19, 2012 /PRNewswire/ -- GNC Holdings, Inc. (NYSE: "GNC") (the "Company"), a leading global specialty retailer of health and wellness products, today announced that its Board of Directors has authorized a program to repurchase up to an aggregate $300 million of the Company's Class A common stock. The Company expects any repurchases under the program to commence on or about July 31, 2012 and occur over the following twelve months. The Company may finance any repurchases with cash, potential financing transactions, or a combination of the foregoing. The Company has completed its repurchase of all 500,000 shares previously authorized by the Board.
Joe Fortunato, President and CEO stated "This action reaffirms our commitment to creating shareholder value and reflects the evolution of our total shareholder return approach to managing capital structure. We remain confident in the fundamental strength of our business, including our ability to generate cash flow to support continued growth and to create value for shareholders through the combination of dividends and opportunistic share repurchases."
The Company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.