DLA Piper advises Orchard Hardware Stores in sale of business to Lowe's Companies
DLA Piper has advised Orchard Supply Hardware Stores in the sale of its business to Lowe’s Companies Inc, which has been approved by the US Bankruptcy Court for the District of Delaware.
Under the terms of the transaction, Lowe’s has agreed to acquire substantially all of Orchard’s assets, including its 72 neighbourhood home repair and maintenance, paint, houseware and garden stores in California and Oregon for $205m (£131m) and the assumption of nearly all of the payables owed to most of Orchard’s supplier partners.
Orchard will then operate as a separate, standalone business at the completion of the sale process, which is expected to close by the end of August.
DLA Piper’s multi-disciplinary team representing Orchard involved lawyers across its US offices, including Richard Chesley (Chicago) who led the restructuring, Eric Wang (Silicon Valley) who led the corporate efforts, and Ann Lawrence (Los Angeles) who led the sale transaction.
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