U.S. furniture retailer Aaron's Inc. said Feb. 15 that the company's board of directors approved a new share repurchase program for up to $500 million of the company's outstanding common stock.

The company repurchased nearly 2 million shares in 2017.

Under the new program, Aaron's will repurchase shares on the open market, through private transactions or under a rule 10b5-1 plan, which would allow repurchases when it might otherwise be precluded from doing so under insider trading laws.