You're about to be shopping at Lowes or a company owned by the home improvement giant.
Orchard Supply Hardware (OSH) recently declared Chapter 11 bankruptcy and Lowes came in with an offer. According to the Los Angeles Times, "Lowe's is offering to pay $205 million for most of OSH's assets, including at least 60 of its stores….Under the agreement, OSH would keep its brand, continue operating its stores as a stand-alone business and retain its management team and employees."
If that's true, it's good news for those Californians who prefer shop somewhere larger than an Ace Hardware but smaller than a big box store. OSH stores average 36,000 square feet, a third of the size of the average Lowes. The California chain has 89 stores in its home state and 2 in Oregon. It's unclear what will happen to the 31 stores not covered by the offer.
The acquisition is intended to increase Lowes' presence in urban areas of California to arch-competitor Home Depot. OSH reported $657 million in revenue in the latest fiscal year, a drop in the bucket compared to the revenue of the big box stores.