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."

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