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Orchard Supply files for bankruptcy, Lowe's steps in

from Reuters

Orchard Supply Hardware Stores Corp, spun off by Sears Holdings Corp less than two years ago, has filed for Chapter 11 bankruptcy protection partly blaming hefty dividends paid out to its former parent. Rival retailer Lowe's Companies said it would buy at least 60 of Orchard's 91 neighborhood hardware and garden stores in California for about $205 million and also assume payables owed to nearly all of Orchard's suppliers. more

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