June 18, 2013 |
Home improvement giant Lowe's Cos. aims to score a bigger piece of California's real estate recovery by agreeing to rescue Bay Area rival Orchard Supply Hardware Stores Corp. Lowe's on Monday made a $205-million bid for the company, sometimes known as OSH, which filed for Chapter 11 bankruptcy protection, weighed down by years of declining sales, an overcrowded market and massive debt inherited during its time with former parent Sears Holdings Corp. Although the Mooresville, N.C., chain outpaces OSH in size and sales, it is less established in the Golden State, where home sales last month hit a seven-year high.
June 17, 2013 |
Orchard Supply Hardware is filing for Chapter 11 bankruptcy but already has a waiting rescuer - larger competitor Lowe's Companies Inc. Lowe's is offering to buy most of the San Jose company's assets for $205 million in cash - including at least 60 of its stores - and assume the payables owed to most of the smaller chain's suppliers. Under the acquisition agreement, Orchard would be allowed to hold onto its brand, continue operating its stores as a standalone business and retain its management team and employees.
June 25, 2011 |
Sears Holdings Corp. plans to spin off its home improvement unit, Orchard Supply Hardware Stores Corp., as a separate publicly traded company, the department store giant said. Often called OSH, Orchard Supply is a San Jose-based chain that operates 89 stores, all in California. Shares of OSH, which plans to be traded as OSHS on the Nasdaq once it becomes a stand-alone company, will be distributed to Sears Holdings shareholders. Sears Holdings said in a filing with the Securities and Exchange Commission on Thursday that it believed OSH would generate more value for shareholders as an independent entity and that the move would provide "financial, operational and managerial benefits to both" companies.
February 27, 2009 |
Struggling retailer Sears Holdings Corp. said its fourth-quarter profit was cut in half as charges weighed down results and shoppers continued to avoid buying pricey appliances -- keeping sales mired in their prolonged slump. Chairman Edward Lampert, who acquired Kmart in 2003 and Sears, Roebuck and Co. in 2005, told investors that the company's cautious approach to investing capital in stores and closing unprofitable locations -- 28 during the fiscal year and 24 more that were announced Thursday -- while paying down debt has helped the chain.
October 8, 2005 |
Los Angeles investment firm Ares Management paid Sears Holdings Corp. $58.7 million for 19.9% of Orchard Supply Hardware, the companies said Friday, in what was expected to be a first step toward buying a majority stake. The deal gives Ares' investment fund the right within three years to buy an additional 30.2% share of the hardware and garden supply chain -- better known as OSH -- for $126.8 million. The San Jose-based chain has 84 stores, all in California.
August 12, 1999 |
Sears Roebuck & Co. has decided against converting its 250 hardware stores nationwide to Orchard Hardware & Garden outlets after a test run in Ohio flopped. Customers of Sears' 10 Columbus-area hardware stores preferred the Sears name and product line, company spokesman Chuck Merydith said. Executives had hoped the Orchard format would attract more female shoppers, but that didn't happen, he said.