The company said the repurchase will be made over the next 12 to 24 months.
Bruce Nelson, Office Depot's chairman and chief executive officer, said, "We continue to believe that our company is significantly undervalued relative to its future prospects for sales growth, profitability and free cash flow generation.
Purchases will be in the open market and block trades will be permitted. Purchases will be transacted through one or more brokerage firms to be determined by the company's management.
Office Depot has 901 retail stores in addition to a national business-to-business delivery network.