Hot Topic Approves Buyback Program

City of Industry, Calif., Teen retailer Hot Topic Inc. said Tuesday its board of directors approved a buyback of up to $40 million of its common stock.

The company said it will repurchase the stock from time to time on the open market at market prices or in negotiated transactions off the market.

The buyback program will remain in effect through Feb. 2, 2008, Hot Topic said.