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.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
Don’t forget the 23 September 2014 deadline to ensure your business associate agreements comply with the Omnibus Final Rule
Covered entities with business associate agreements that were entered on or before 25 January 2013 must revise their BAAs by 23 September 2014.
The new amendments to the Russian Civil Code will only apply to legal relationships that emerge after 1 July 2014.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions