The Orchard Supply Hardware in La Crescenta at 3100 Foothill Blvd. is staying open as 17 others in the state, including the location in Burbank, are closing. The Burbank store is currently having a clearance sale, according to the Burbank Leader.
The San Jose-based OSH operated 91 stores in California before filing for chapter 11 bankruptcy in 2012. Lowe's purchased Orchard Supply Hardware in September for $205 million, according to Nasdaq.com.
"Orchard's neighborhood stores are a natural complement to Lowe's strengths in big-box retail, offering smaller-format hardware and garden stores catering to the needs of local customers," said Robert Niblock, president, chairman and CEO of Lowe's was quotes as saying by Home Channel News. "Strategically, the acquisition will provide us with immediate access to Orchard's high-density, prime locations in attractive markets in California."
OSH, which broke off from parent company Sears Holdings Corp two years ago, filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court in the District of Delaware. Orchard Supply partly blamed "hefty dividends paid out to its former parent" for the economic failure, Reuters reported.