SAN JOSE, CA -- Orchard Supply Hardware Stores, a neighborhood hardware and garden store focused on paint, repair and the backyard, announced last week that the United States Bankruptcy Court for the District of Delaware has approved the acquisition of a majority of Orchard's assets by Lowe's Companies, Inc. The companies now expect to complete the transaction by the end of August. Orchard will operate as a separate, standalone business with its own brand and a continued commitment to its neighborhood store format, which uniquely caters to the needs of local consumers.
As part of the transition, the company announced that Orchard President and Chief Executive Officer Mark Baker will leave the company.
With Mr. Baker's departure following the transaction, Richard D. Maltsbarger, Lowe's Business Development Executive who led the acquisition team, will become President of Orchard. Mr. Maltsbarger has served in various roles at Lowe's since 2004 and brings more than 15 years of experience in strategic planning, consumer and market research, quantitative analytics, marketing and economic analysis to Orchard. He will be working closely with Orchard's existing leadership team to lead Orchard's repositioning and growth strategy.
As part of the transition, Chris D. Newman, currently Chief Financial Officer, will also serve as Head of Development, and Steven L. Mahurin, currently Executive Vice President Merchandising, will be appointed Chief Retail Officer.
In addition to maintaining his current area of responsibility, Mr. Newman will now lead development of the necessary infrastructure to support Orchard's growth strategy, including information technology, supply chain and real estate. Mr. Newman joined Orchard in November 2011. He previously served as Chief Financial Officer and Secretary of Restoration Hardware, Inc. and as Chief Financial Officer of Store Operations for Limited Brands. Mr. Mahurin will focus on Orchard's external brand projection, including merchandising, and take on the additional responsibilities of marketing and store operations. Mr. Mahurin joined Orchard in May 2011. He previously served as Executive Vice President of Merchandising for Office Depot, Inc. and as Chief Merchandising Officer for True Value Company.