Sears to Rid Itself of Orchard Supply Hardware
Orchard Supply Hardware consists of a chain of hardware and garden supply stores throughout California and a Web site, osh.com.
In a move intended to help Sears focus on its core business, the multichannel retailer said yesterday that it will pursue strategic alternatives for the separation of Orchard Supply Hardware that could include a sale of the business or initial public offering.
"Sears Holdings is focusing its management attention and capital on the opportunities in our core business presented by the merger of Sears and Kmart," Sears vice chairman/CEO Alan J. Lacy said in a statement.
Sears Holdings Corp. is the new company formed by the merger of Sears, Roebuck & Co. and Kmart Holding Corp. The $12.3 billion deal created the nation's third-largest retailer behind Wal-Mart Stores Inc. and The Home Depot Inc. The new mega-retailer began trading on the Nasdaq in March.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters