|Staples Increases Stock Repurchase Plan to $300 Million|
| Business Editors|
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Sept. 15, 1999--Staples Inc. (NASDAQ:SPLS) today announced its board of directors authorized the company to purchase an additional $100 million of its common stock, bringing the total amount of the company's stock repurchase program to $300 million. In March 1999, the board approved the company's first stock repurchase program that authorized the purchase of up to $200 million of its common stock.
The common stock may be purchased by the company from time to
time in open market or privately negotiated transactions. Repurchased
common shares will be added to the company's treasury shares and may
be used for employee benefit and stock option programs, as well as
other corporate programs.
Staples Inc. is a $7 billion retailer of office supplies,
furniture and technology to consumers and businesses from home-based
businesses to Fortune 500 companies in the United States, Canada, the
United Kingdom and Germany. Headquartered outside Boston, Staples
invented the office superstore concept and today is the largest
operator of office superstores in the world. The company has over
46,000 employees serving customers through more than 1,000 office
superstores, mail order catalogs, e-commerce and a contract business.
More information about the company is available at
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding Staples
Inc.'s business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of
such risks and uncertainties, which could cause actual results to
differ from those contained in the forward-looking statements, see
"Risk Factors" in the company's Annual Report or Form 10-Q for the
most recently ended quarter.
--30--mm/bos* CONTACT: Staples Inc. Shannon Lapierre, 508/253-8468 Public Relations Manager firstname.lastname@example.org or Staples Inc. Catherine Woods, 508/253-7342 Investor Relations Manager email@example.com KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS RETAIL