Headlines

Orchard Supply Gets Bankruptcy Approval

Judge okays financing plan prior to Lowe’s acquisition

Published

11 years ago

July 18, 2013

steve kaufman

Orchard Supply Hardware Stores Corp. (San Jose, Calif.), the West Coast chain of 91 hardware stores, has won court approval of as much as $176.3 million in bankruptcy financing.

The U.S. bankruptcy judge approved the loans that will help fund operations as Orchard Supply pursues a sale of least 60 of its stores. Lowe’s Corp. (Moorehead, N.C.) has already offered $205 million.

Orchard Supply was founded in 1931 as a farmer’s co-op; was acquired by then-Sears Roebuck Inc. (Hoffman Estates, Ill.) in 1996; went public in 2012; and filed for bankruptcy protection in 2013.

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