Barnes & Noble’s Board of Directors has authorized a new stock repurchase program.
Under the terms of the arrangement, the company is allowed to purchase up to $50 million of its common shares. Back in July, the board also approved a policy of paying dividends at an annual rate of $0.60 per share of common stock. Here is more about the deal from the company’s press release:
Stock repurchases under this program may be made through open market and privately negotiated transactions from time to time and in such amounts as management deems appropriate. The repurchase program has no expiration date and may be suspended or discontinued at any time.
In August, Barnes & Noble finished spinning off its college bookstore group into a new publicly traded company Barnes & Noble Education. Last week, the company revealed plans to close its only remaining store in Washington, D.C.