Cheesecake Factory Expands Buy Back

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The board of Cheesecake Factory Inc. approved an increase of 10 million shares in the company’s repurchase plan, the company announced Wednesday.


The additional authorization adds to an existing plan that calls for the purchase of 6 million shares, of which about 2.4 million have been bought, the Calabasas-based casual dinning chain owner said in a statement.


As of January 2, the company said it had approximately $134 million in cash on hand with no funded debt on its balance sheet.


Shares in Cheesecake Factory were up 59 cents, or 2 percent, to $27.22 in afternoon trading Wednesday on the Nasdaq.

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