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.

 

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Bill Esler woodworkingnetwork.com

Bill Esler

Bill Esler, Associate Publisher/ Editor in Chief, Woodworking Network Bill is responsible for editing Custom Woodworking Business and coordinating content for Wood Products , CLOSETS , WoodworkingNetwork.com, and related newsletters. Bill’s expertise includes using innovative print manufacturing techniques to grow audience engagement, digital printing, purls, QR codes; and lead-generating webcasts, 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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