FRAMINGHAM, Mass.--(BUSINESS WIRE)--Staples, Inc. (Nasdaq: SPLS) announced today that its Board of Directors approved a new program authorizing the company to repurchase $1.5 billion of its shares. This program replaces the previous $1.5 billion program announced in June 2007 that had $295 million of remaining authorization as of July 30, 2011.
Under this program, the company will repurchase shares in both open market and privately negotiated transactions. The company's management will determine the timing and amount of the transactions based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which permits the company to repurchase shares when it otherwise would be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time and has no expiration date. Any repurchased shares will be available for use in connection with the company's stock plans and for other corporate purposes.
The company also announced that its Board of Directors has declared a quarterly cash dividend on Staples, Inc. common stock of $0.10 per share. The dividend is payable on October 13, 2011, to shareholders of record on September 23, 2011.
About Staples
Staples is the world’s largest office products company and a trusted source for office solutions. The company provides products, services and expertise in office supplies, copy & print, technology, facilities and breakroom, and furniture. Staples invented the office superstore concept in 1986 and now has annual sales of $25 billion, ranking second in the world in eCommerce sales. With 90,000 associates worldwide, Staples operates in 26 countries throughout North and South America, Europe, Asia and Australia, making it easy for businesses of all sizes and consumers. The company is headquartered outside Boston. More information about Staples (Nasdaq: SPLS) is available at www.staples.com/media.