Schlotzsky's Inc. (Nasdaq:BUNZ) today announced that it intends to repurchase shares of its common stock in the open market or in negotiated private transactions.
Such repurchases will be pursuant to a program previously approved by the Company's Board of Directors in September 1998 which authorized the repurchase of up to 380,000 shares (approximately 5% of the outstanding shares), of which 10,000 shares were purchased in 1998. The decision to repurchase common stock will be based on its availability and price and will be subject to the discretion of the Company's management.
Schlotzsky's Inc., founded in Austin, Texas, in 1971, is a brand licensor and franchisor of quick-service deli restaurants. As of Sept. 30, 2000, there were 722 Schlotzsky's Deli restaurants open and operating in 38 states, the District of Columbia and 11 foreign countries.