Office Depot Inc announced that its Board of Directors has authorized the repurchase of up to $500 million in market value of its common stock.
Purchases will be in the open market and block trades will be permitted, all in accordance with Rule 10b-18 under the Securities Exchange Act of 1934. Purchases will be transacted through one or more brokerage firms to be determined by the Company's management.
With annual sales of over $14 billion, Office Depot provides more office products and services to more customers in more countries than any other company.
Incorporated in 1986 and headquartered in Delray Beach, Florida, Office Depot conducts business in 23 countries and employs about 47,000 people worldwide. The Company operates under the Office Depot(R), Viking Office Products(R), and Viking Direct(R) brand names.
Office Depot is a leader in every distribution channel - from retail stores and contract delivery to catalogs and e-commerce. With over $3.8 billion of sales, the Company is one of the world's largest e-commerce retailers. As of April 1, 2006, Office Depot had 1,049 retail stores in North America. Internationally, the Company conducts wholly-or majority-owned operations in 16 countries, and operates retail stores under joint venture and license arrangements in another five countries.