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Tuesday, Aug 20
Lowe's completes Orchard Supply deal, Orchard CEO to depart
- Lowe's (LOW) purchase of rival Orchard Supply Hardware's assets has been cleared by a U.S. bankruptcy court. Lowe's is paying $205M in cash and assuming Orchard's payables to suppliers.
- Orchard CEO Mark Baker is leaving to head the Aircraft Owners & Pilots Association. Lowe's exec Richard Maltsbarger will be responsible for the division going forward.
- Orchard will remain "a separate, standalone business," based out of San Jose. Lowe's touts the deal's ability to increase its presence in CA, where it considers itself "underpenetrated."
- More on Lowe's/Orchard