The list of companies announcing special, pre-fiscal cliff dividend payouts just got a little bit longer. On Monday after the close of trading, Limited Brands (NYSE: LB ) announced that on Dec. 26, it will pay a special dividend of $3 per share to shareholders of record as of close of business Dec. 20.
With 288.4 million shares outstanding, the special dividend will cost Limited approximately $865 million, which is more than the $547 million in cash the company had on hand at last report. Limited did not explain how it will raise cash to pay for the difference.
Shares declined 1% in Monday trading, before the special dividend was announced.