November 20, 2009 (FinancialWire) — Gap Inc.’s (NYSE: GPS) board has authorized a new $500 million share repurchase program. In connection with the share repurchase authorization, Gap entered into agreements with individual Fisher family members to repurchase shares. The specialty retailer was founded by Donald and Doris Fisher in 1969.

The company said it expects that about $20 million or around four percent of the $500 million share repurchase program, will be purchased from these Fisher family members. The shares will be purchased each month at the same weighted average market price that the company is paying for share repurchases in the open market.

The latest authorizations brings the company’s total share repurchase authorizations to $7.25 billion since October 2004.

San Francisco-based Gap is a global specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Piperlime and Athleta brand names.

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