Staples Plans New Buyback

The retailer may repurchase up to $1.5 billion in stock.
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Staples (SPLS) is putting together a new buyback plan.

The Framingham, Mass.-based office-supplies retailer said Thursday that its board approved the buyback of up to $1.5 billion in stock.

The new share repurchase program replaces a previously authorized $1.5 billion plan. As of Wednesday, about $1.2 billion in stock had been bought under that program.

Staples has about 715 million shares outstanding. Shares recently were trading up 21 cents, or 0.9%, to $24.52.