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UPDATE: Lowe’s Steps In after Orchard Supply Files Chapter 11
On Monday, Orchard Supply Hardware Stores Corp has filed Chapter 11 bankruptcy protection. This was according to documents shown in court. The filing was set for its rival retailer Lowe's Companies to acquire majority of its assets priced at US$205 billion in cash.
In late 2011, Orchard was spun off by Sears Holdings Corp. This was after the company carried a high amount of payables and said that it may not be in a position to make scheduled payments as its debt matures in December 2013.
Orchard board and management determined that the sale of the company through Chapter 11 procedure was the best possible outcome for the firm and its shareholders. This was after exploring a range of alternatives according to the company.
Revenue of US$657 million was generated in the 2012 fiscal year. It listed total liabilities amounting to US$480.1 million. The company's total assets were listed at US$441 million. The data was according to a court filing.
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