Lowe's Completes Acquisition of 72 Orchard Supply Hardware Stores for $205M

Lowe's Companies, Inc. 

, the world's second largest home improvement retailer, today announced the completion of its previously announced acquisition of the majority of assets of Orchard Supply Hardware, including 72 Orchard stores, for approximately $205 million in cash, plus the assumption of payables owed to nearly all of Orchard's supplier partners. Orchard will continue to operate as a separate, standalone business, retaining its brand and its San Jose headquarters. The acquisition expands Lowe's presence in California through the addition of Orchard's smaller-format neighborhood stores, which are a natural complement to Lowe's strengths in big-box retail. “We look forward to a smooth transition and to continuing the successful repositioning