Business & Tech
Orchard Supply Hardware To Close All Oregon Stores
The company said they will offer store closing sales as part of the process to close all 99 locations nationwide by the end of the year.
OREGON — In a surprising move Wednesday, Lowe’s announced that it will close all Orchard Supply Hardware stores in Oregon, California and Florida. The company will shutter 99 stores nationwide by the end 2018, according to a statement on their website. The San Jose, California-based OSH was founded in 1931.
"We will be retaining our associates through the store closure process and are encouraging them to apply for open roles at Lowe’s stores, where they will receive priority status," an OSH spokesperson told Patch. "Associates will receive job placement assistance, and we will be providing eligibility for severance."
The company said they will offer closing sales at OSH locations starting this week.
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“We posted solid results this quarter by capitalizing on delayed spring demand,” Marvin R. Ellison, Lowe’s president and CEO said in a statement. “We are committed to driving even stronger performance in the future by sharpening our focus on retail fundamentals and by limiting any projects and initiatives that take us away from our core mission of being a great omni-channel home improvement retailer. I would like to thank our associates for their hard work and commitment to the company.
“While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy. We will be providing outplacement services for impacted associates, and they will be given priority status if they choose to apply for other Lowe’s positions,” Ellison added.
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“In addition to the decision to exit Orchard Supply Hardware, we are developing plans to aggressively rationalize store inventory, reducing lower-performing inventory while investing in increased depth of high velocity items. Exiting Orchard Supply Hardware and rationalizing inventory are the driving force behind the changes to Lowe’s Business Outlook.” Ellison continued.
North Carolina-based Lowe’s purchased the small hardware chain in 2013. Click here to find your nearest OSH location.
Photo via Shutterstock
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