A major home improvement store chain which serves the Central and South Coasts has filed for bankruptcy, but a competitor says it wants to buy most of the assets, and keep the brand alive.
Orchard Supply Hardware Stores is seeking Chapter 11 bankruptcy protection. But, Lowe’s made a $200 million dollar plus to buy at least 60 of the more than 90 stores, as well as assuming Orchard’s financial obligations to suppliers. The company says it will even keep Orchard’s management team.
Orchard has four stores in the region, in Thousand Oaks, Goleta, Santa Maria, and Pismo Beach.