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Staples Increases Stock Repurchase Plan to $300 Million

Wednesday, September 15, 1999 7:00 am EDT

Dateline:

FRAMINGHAM, Mass.

Public Company Information:

NASDAQ:
SPLS

FRAMINGHAM, Mass.--(BUSINESS WIRE)--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.

About Staples

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 http://www.staples.com.

"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.

Contact:

Staples Inc.
Shannon Lapierre, 508/253-8468
Public Relations Manager
shannon.lapierre@staples.com
or
Staples Inc.
Catherine Woods, 508/253-7342
Investor Relations Manager
catherine.woods@staples.com

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