Mooresville, N.C.-based Lowe’s completed its acquisition of 72 Orchard Supply Hardware stores for some $205 million in cash.
Lowe’s also assumes payables owed to nearly all of Orchards’ supplier partners.
“We look forward to a smooth transition and to continuing the successful repositioning strategy already underway to take full advantage of Orchard’s growth potential,” said Richard D. Maltsbarger, Lowe’s business development executive and recently named president of Orchard. “Orchard is well-positioned within the California marketplace, with a strong brand, loyal customers and significant opportunity to benefit from the economic recovery. We are confident Orchard has a bright future as part of Lowe’s.”
Orchard Supply will continue to operate as a separate, standalone business, maintaining its headquarters in San Jose, Calif. The Orchard Supply stores typically measure about 36,000 square feet.