now THIS is some serious stuff…
Orchard Supply Hardware has announced the first stores to close as part of the San Jose-based retailer’s restructuring plan, a group that includes one store in Newark.
Great American Group Inc. is handling liquidation sales at the locations. Sales got started under the weekend and will be ongoing.
Orchard announced June 17 it had agreed to sell itself to Lowe’s Companies Inc. as part of a Chapter 11 bankruptcy reorganization. Lowe’s bid $205 million for most of Orchard’s assets, including “at least” 60 of Orchard’s 90 locations. It’s unclear whether more store closings are in the offing.
The Lowe’s deal is expected to close within 90 days of the filing date, unless another bidder offers a higher price.
The list of affected stores is:
- Lone Tree: 4873 Lone Tree Way, Antioch
- Citrus Heights: 6124 San Juan Ave., Citrus Heights
- Fairfield: 1500 Oliver Road, Fairfield
- Huntington Beach: 19330 Golden West St., Huntington Beach
- Long Beach: 4480 Atlantic Ave., Long Beach
- MidTown: 4801 W. Venice Blvd., Los Angeles
- Newark: 5655 Jarvis Ave., Newark
- Vacaville: 220 Peabody Road, Vacavil