Dollar Tree to spend $200 million of own shares

Chesapeake, Va. Dollar Tree will repurchase $200 million of its common shares under an accelerated buyback program, the discount retailer said Monday.

The buyback, which began after the stock market closed on Friday, is part of a $500 million share acquisition program announced in 2007.

President and CEO Bob Sasser told investors that the accelerated repurchase plan is a part of company efforts to allocate its financial resources and boost returns for shareholders.

Dollar Tree, based in Chesapeake, Va., has more than 3,800 stores in 48 states.