Lowe's Completed The Takeover of The Insolvent DIY-Chain Orchard Supply Hardware Stores

As planned, the US-American DIY-superstore concern Lowe's completed the takeover of the insolvent DIY-chain Orchard Supply Hardware Stores by the end of August. Lowe's reports that the purchase price was US$205m plus the assumption of liabilities vis-à-vis Orchard's suppliers. The takeover covered 72 of the most recently 89 Orchard branches in California. As announced prior to the takeover, Orchard will operate as an inde-pendent sales line within the Lowe's concern and retain its brand name and management team. With this takeover, Lowe's aims to expand its presence in California and supplement its branch portfolio, which is aligned above all to big-box stores, with small-format branches. Lowe's states that the Orchard branches boast average sales space of roughly 36,000 sqft, while Lowe's branches feature sales space averaging roughly 113,000 sqft.