Gulf & Western OKd a stock repurchase plan.

The New York-based conglomerate said it will buy back up to 12 million of its shares over an unspecified period. An earlier 10-million share repurchase program begun in November, 1983, is virtually complete, the company said. Funds for the buy-back will come from the $1 billion in cash that G&W; received when it sold its consumer and industrial products group to Wickes Cos. last month.