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Stock Repurchase Program
6 Months Ended
Jul. 28, 2012
Stock Repurchase Program [Abstract]  
Stock Repurchase Program

NOTE 8 — Stock Repurchase Program

rue21’s Board of Directors has authorized a stock repurchase program granting the Company authority to repurchase up to $50 million of the Company’s common stock. Under the stock repurchase program, the Company may repurchase shares in the open market or through privately negotiated transactions. During the second quarter 2012 and year 2012, the Company repurchased 495,900 shares of its common stock on the open market at an average price of $26.05 per share for an aggregate cost of $12.9 million. The Company has not purchased any stock through privately negotiated transactions. At July 28, 2012, the Company has authorized repurchases of $37.1 million of its common stock remaining under its $50 million stock repurchase program. These shares may be repurchased at our discretion.

In addition to the shares of common stock we purchased under our $50 million stock repurchase program, we withheld 11,280 shares from employees for the payment of taxes, not in excess of the minimum statutory withholding requirements, in connection with the vesting of shared-based payments. The aforementioned shares have been recorded as treasury stock.