While Orchard Supply Hardware is in transition, a company spokeswoman told The Tribune on Monday that the company is still reviewing which stores will remain open.
Lowe's announced plans to acquire Orchard Supply Hardware stores for about $205 million in cash. Orchard Supply Hardware filed a voluntary Chapter 11 bankruptcy petition on Monday, and so the offer from Lowe's will become the "stalking horse" bid for an auction of Orchard's assets. Such a bid sets the floor for an auction process that lets competitors make better offers.
OSH has two locations in San Luis Obispo County, in Paso Robles and Pismo Beach.
“The company doesn’t have a list of stores yet, so I can’t confirm one way or the other, but we should have preliminary information in the next few weeks,” OSH spokeswoman Leigh Parrish said.
As the company reviews its stores, Parrish said one of the things that will be looked at is how each location fits into OSH’s new “repositioning strategies,” which includes upcoming remodels into the business’ new “neighborhood format.”
The company has created a new website with questions and answers about the upcoming changes at www.orchardrestructuring.com.