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Office Depot regrouping


Office Depot Inc. is regrouping less than a month after a federal judge blocked the chain’s planned acquisition by rival Staples Inc., causing the two companies to abandon the deal.

On Tuesday, Office Depot announced its board had approved a $100 million stock buyback program. The retailer also said it is finalizing its comprehensive strategic review, which includes capital structure and return of capital alternatives.

“Today’s announcement reflects our commitment to shareholder return,” said chairman and CEO Roland Smith. “We are continuing to work with our advisors to explore additional opportunities to further enhance shareholder value.”

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