Office Depot pledges $100 million stock buyback

Office Depot center in Royal Palm Beach

Office Depot center in Royal Palm Beach

Office Depot shareholders await the struggling retailer’s master plan to survive a wrenching downturn. In the meantime, the company says it’ll buy back shares worth as much as $100 million.

“Today’s announcement reflects our commitment to shareholder return,” Office Depot Chief Executive Roland Smith said in a statement.

Shares in the Boca Raton-based retailer are off 37 percent this year after its merger with Staples died. Office Depot says it’s working on a smaller, brighter “store of the future.”

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