Sonora Orchard Supply Hardware To Close

Sonora Orchard Supply Hardware To Close

Sonora Orchard Supply Hardware To Close

Orchard Supply Hardware had $600 million in sales past year, contributing a small portion of the $68.6 billion in total sales that Lowe's posted.

Orchard Supply Hardware stores will close permanently by the end of the year, according to reports.

Lowe's purchased the chain for $205 million in 2013 after the smaller San Jose-based home improvement store filed for Chapter 11 bankruptcy.

Orchard Supply Hardware's parent company Lowe's announced it will close all 99 of its California stores including the store in Pismo Beach, seen here.

"While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy", said Lowe's Chief Executive Marvin Ellison in a statement. Employees of the Los Feliz and other OSH stores will be provided with outplacement services and be given "priority status" at employment at Lowes stores, the company said.

Lowe's net income climbed 7 percent to $1.52 billion in the second quarter, with net sales rising 7 percent to $20.89 billion.

Ellison became CEO in July. The report included a $230 million charge related to the reassessment of Orchard Supply Hardware stores. "We don't have enough stores to handle the things that Orchard does", he said.

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"However, the HR department at their headquarters mentioned they are familiar with Workforce Development programs and will be putting each store in touch with us soon", Hayter said.

The company said it is closing the stores to put more focus on its core home improvement business, which is receiving still competition from Home Depot.

Orchard Supply locations are expected to be open with normal business hours on Wednesday, with liquidation sales beginning Thursday.

"It's too bad. They've been around for a while and I've come here many, many times, for years", Stevens said.

Lowe's Cos. Chief Executive Officer Marvin Ellison continued to make waves just seven weeks into his tenure as he chose to shut down a division of smaller stores and eliminate US$500 million in capital projects that will be returned to shareholders. On Wednesday, Lowe's named David Denton, a former executive of CVS Health (CVS.N), as its chief financial officer.

Store employees will receive placement assistance and severance pay. The company's plan is to shut the doors by the end of its fiscal year, which is February 1.

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