Barnes & Noble Inc., fresh off the spinoff of its education business, on Tuesday said its board authorized a $50 million stock-buyback program.

The repurchase program doesn't have an expiration date. As of Monday's closing price, the company had a total market value of about $1 billion.

Shares of Barnes & Noble, down 13% this year, ticked up 0.3% in premarket trading.

Barnes & Noble completed the spinoff of its college bookstore group into a new publicly traded company, Barnes & Noble Education Inc., in August.

But the country's largest bookstore chain continues to struggle, and in September, the company reported a wider loss as sales in its retail segment slipped and the company's Nook business continued to drag.

In July, the company approved an annual dividend of 60 cents a share.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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(END) Dow Jones Newswires

October 20, 2015 09:25 ET (13:25 GMT)

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