Lowe’s Companies (NYSE:LOW): Current price $41.24
The home-improvement giant will pay $205 million to buy a minimum of 60 Orchard Supply Hardware stores in California following the latter filing for bankruptcy relief. The purchase will provide Lowe’s with a smaller store format and also allow it access to a new customer base in California, in which it already operates 110 outlets, according to a Monday statement. Along with the cash purchase price, Lowe’s will assume amounts owed to close to all of Orchard’s vendors. Lowe’s said that it is attempting to grow its number of stores in the state as housing recovers.
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