Build-A-Bear Workshop completes strategic review
Get great content like this right in your inbox.Subscribe
Build-A-Bear Workshop is holding steady.
The specialty retailer's board of directors has completed its review of strategic alternatives and authorized a share repurchase program of up to $20 million. Build-A-Bear initiated the review in May 2016 after a sharp decline in net income in its first quarter, saying at the time that it would consider "all" options to boost shareholder equity, including a sale.
In a statement, Build-A-Bear president and CEO Sharon Price John said the review was “comprehensive,” and that it included a "careful evaluation of the business and its opportunities." She did not provide further details.
“Adoption of the share repurchase program reflects our belief that our stock represents an attractive investment opportunity," stated John. "Because our company has returned to sustained profitability and has strong cash flow and a flexible capital structure, we believe Build-A-Bear Workshop will have the capacity to repurchase our stock while still deploying capital to facilitate the attainment of our next stated objective of sustained profitable growth."
Build-A-Bear Workshop has approximately 400 stores worldwide, including company-owned stores in the United States, Canada, Denmark, Ireland, Puerto Rico, the United Kingdom and China, and franchise stores in Africa, Asia, Australia, Europe, Mexico and the Middle East.