Like retiring shares sounds like a workaround to prevent equity from being diluted from buyback.
Assume, it is a MASSIVE Corporation and has 2 options in buybacks, where
1. Treasury stock line is impacted and my equity falls down, lowering residual claim of assets in case of bankruptcy. On positive side their ownership stake increases
1. Retire the shares
Which gives two benefits
* preventing from lowering residual claim on assets in case of bankcruptcy
* and also, boosting ownership stake for equity holders
you also get an option to reissue shares, sure its expensive administratively but assume that is not a concern for the corporation
For context, I was analysing NASDAQ: LESL and I came across a situation where they did buybacks but decided to retire shares, and not dilute equity.
buyback: [https://imgur.com/a/ULojpaB](https://imgur.com/a/ULojpaB)
treasury line: [https://imgur.com/LzuTTc7](https://imgur.com/LzuTTc7)