Lowe's Acquires Orchard Supply Hardware Chain

Posted by Bill Esler | Posted: 06/17/2013 4:44PM

 

Orchard Supply Hardware Lowe's SAN JOSE, CA – Lowe’s Companies, Inc. (NYSE: LOW), announced an asset purchase agreement with a bankrupt home improvement center chain, Orchard Supply Hardware.

Lowe’s will acquire the majority of Orchard’s assets for approximately $205 million in cash, plus the assumption of payables owed to most of Orchard’s supplier partners.

Lowe’s says it will convert the stores to a new format and operate them as a separate, standalone business, retaining Orchard Supply Hardware under the  current management team. Based in San Jose, CA, Orchard Supply's 91 stores did $657 million in revenue last year. Lowe’s would acquire at least 60 of them.

 

About the Author

Bill Esler, Woodworking Network, WMS

Bill Esler

Bill Esler, Editorial Director, Woodworking Network Bill is responsible for overall content at WoodworkingNetwork.com Woodworking Network magazine, and related newsletters. Bill also manages event programs for Woodworking Network Live conferences at the Woodworking Machinery & Supplies Expo in Toronto and Cabinets & Closets Expo. He developing audience engagement programs using custom digital printing, live lead-generating events, custom websites, and custom digital and print content. Read Bill Esler's woodworking blogs. He can be reached at besler@woodworkingnetwork.com or follow him on Google+.

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