Lowe's Completes Acquisition of 72 Orchard Supply Hardware Stores for $205M
Lowe's Companies, Inc. (NYSE: LOW), 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