|Staples Inc. Announces Proposed 3-For-2 Stock Split|
|WESTBOROUGH, Mass.--(BUSINESS WIRE)--Nov. 12, 1998--|
....Split Will Be Second Within A Year For Company.....
Staples Inc. (NASDAQ:SPLS) today announced that its Board of Directors has declared a 3-for-2 split of its common stock in the form of a 50 percent stock dividend, subject to shareholder approval of an increase in Staples' authorized number of common shares.
In connection with the stock split, the Board of Directors has recommended that shareholders vote to increase the authorized number of Staples' common shares from 500 million to 1 billion.
Staples shareholders will vote on the increase in authorized capital as well as approval of a new directors compensation plan at a special meeting scheduled for Jan. 21, 1999. If the increase is approved, the dividend will be distributed on Jan. 28, 1999, to shareholders of record on the close of business on Jan. 18, 1999.
"Staples second stock split within a year is a clear indication of our confidence both in the short-term and long-term future of our company," said Thomas G. Stemberg, chairman and chief executive officer. "We believe we are in a strong position to grow our business and improve our financial returns in 1999 and beyond."
Staples' common stock last split 3-for-2 in January 1998. This will be the seventh time Staples' stock has split since the company went public in 1989.
Staples Inc. is a $5 billion retailer of office supplies,
furniture and technology to consumers and businesses from home-based
businesses to Fortune 50 companies in the United States, Canada, the
United Kingdom and Germany. Staples, headquartered outside Boston,
invented the office superstore concept and today is the largest
operator of office superstores in the world. The company has more than
37,000 associates serving the business customer through 878 office
superstores, mail order catalogs and a contract business. More
information is available on the company at http://www.staples.com.
CONTACT: Media Contact: Staples Inc. Dan Kaferle (508) 370-8635 email@example.com or Investor Contact: Staples Inc. Catherine Woods (508) 424-7342 firstname.lastname@example.org