GameStop said it wants to buy back $300 million of its stock. The news sent its shares surging more than +4% in re-market trading Tuesday.
The video game and electronics retailer’s latest share repurchase program would replace the previous program that had $170 million remaining. The company also plans to buy back $350 million debt (due in October).
The company also announced a quarterly cash dividend of 38 cents a share, payable on March 29.
GameStop executive chairman Dan DeMatteo indicated that the company is making continued progress on strategic and financial review. He feels that these processes are critical towards optimizing the firm’s capital structure and adding value to its shareholders.