Office Depot Announces $100 Million Stock Buyback Program

Office Depot Inc. said Tuesday its board has approved a stock buyback program of up to $100 million. "As we communicated on May 16(th) , we are finalizing our comprehensive strategic review, which includes capital structure and return of capital alternatives," Chief Executive Roland Smith said in a statement. In early May, a judge sided with the Federal Trade Commission in ruling against a planned merger of Office Depot and its bigger rival Staples Inc. on competition grounds. "We are continuing to work with our advisors to explore additional opportunities to further enhance shareholder value," said Smith. Shares rose 2.3% in premarket trade, but are down 37% in the year so far, while the S&P 500 has gained 2.7%.