Lowe’s Closing Orchard Supply Stores

Lowe's (Mooresville, N.C.) is reportedly shuttering all of its 99 stores under the Orchard Supply Hardware banner. Those stores are all located in California, Florida and Oregon, and will close by the end of the year.

Lowe's originally acquired the brand in 2013 when Orchard Supply Hardware filed for Chapter 11 bankruptcy protection. The closures come as the company is reassessing the productivity of its real estate portfolio and rationalizing its store inventory, according to The Wall Street Journal.

The company also announced it has hired a new Chief Financial Officer: David Denton will join the company from CVS Health Corp. (Woonsocket, R.I.).