Orchard Supply Hardware Says Equity Holders Will Most Likely Experience Complete Loss of Value After Bankruptcy, Sale to Lowe's

Orchard Supply Hardware Stores

, a neighborhood hardware and garden store focused on paint, repair and the backyard, today issued the following statement: Orchard's management has noticed high trading volume in Orchard's Class A Common Stock and Series A Preferred Stock following its filing of Chapter 11 with the U.S. Bankruptcy Court on June 17, 2013. Stockholders of a company in Chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. In this case, Orchard's management strongly believes that it is highly unlikely all such claims will be fully satisfied. Accordingly, it is expected that the Company's equity holders will experience a complete loss of their investment as a result of Orchard's Chapter 11 bankruptcy proceedings, as previously disclosed in the Company's Form 8-K filed on June 17, 2013 and in its Form 10-K/A for the fiscal year ended February 2, 2013.