Limited Brands Inc. is giving back $319.5 million to shareholders in the form of a $1 special dividend.


The dividend will be paid on July 1 to shareholders of record as of June 17 and will consume almost one-third of the firm’s cash and cash equivalents, which tallied $1.13 billion as of Jan. 29.


Founder, chairman and chief executive officer Leslie Wexner, who beneficially owns 16.5 percent of the firm’s stock, will take in $53.2 million in cash for the shares he owns and holds in trusts.


The Columbus, Ohio-based retailer had 319.5 million shares outstanding as of March 11.

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