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Lowe’s closes all Orchard stores and restructures range

Lowe's is giving up its Orchard Supply Hardware channel and closing all 99 stores in the chain by the end of fiscal 2018/2019. The decision to exit these operations was taken on 17 August according to the second-quarter interim report. The stores are located in California, Oregon and Florida. Store closing sales are expected to take place and will be handled by Hilco Merchant Sales. Marvin R. Ellison, the new president and CEO, spoke of a "necessary business decision".

At the same time, Ellison "plans to aggressively rationalise store inventory, reducing lower-performing inventory while investing in increased depth of high-velocity items. Exiting Orchard Supply Hardware and rationalising inventory are the driving force behind the changes to Lowe's business outlook," said the new Lowe's boss.

Lowe's, the number 2 in US and global home improvement retailing, took over the then-insolvent Orchard Supply Hardware chain in 2013.




|24 August 2018

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