After 87 years, Orchard Supply Hardware will soon close its doors for the last time. That was the announcement made by during Lowe’s Q2 earnings call last week. Established in 1931 as a San Jose farmer’s co-op during the Great Depression, Lowe’s purchased OSH out of bankruptcy five years ago in an effort to quickly grow its presence in California. Under Lowe’s, the chain grew to 99 stores and established a presence in Florida in recent years.
New CEO Marvin Ellison called the move a “necessary business decision” as the company struggles to keep pace with Home Depot. During the earnings call, Lowe’s CFO Marshall Croom noted that OSH’s small store size and the fact that it accounts for only 0.8% of the company’s total sales means that there is simply not a place in Lowe’s future for the chain.
The closure, expected to wrap up by February, will mean the loss of jobs for 4,000 Orchard Supply employees.
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