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Wickes to Sell Subsidiary: Wickes Cos. has agreed to sell...

April 13, 1989

Wickes to Sell Subsidiary: Wickes Cos. has agreed to sell Orchard Supply Hardware to a management group for $134 million in the latest of a series of asset sales by Wickes' new owners. Sale of the San Jose-based hardware chain wasn't expected to affect employees at its 31 stores in Northern and Central California, Santa Monica-based Wickes said in announcing the deal. The buyer group is headed by Maynard Jankins, president and chief executive of Orchard Supply, and was organized by Freeman Spogli & Co., a Los Angeles investment firm. It was financed by Drexel Burnham Lambert Inc. and Bankers Trust Co.

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