Orchard Supply Hardware stores to close

From USA Today:

Lowe's will close all Orchard Supply Hardware stores nationwide by February 1, the company announced Wednesday.

Orchard Supply Hardware, founded in 1931 in San José and acquired by Lowe's in 2013, has 99 stores in California, Oregon and Florida, USA Today reported. Lowe's is closing the stores to focus on its core home improvement business, the company said.

From Reuters:

Lowe’s shares fell nearly 3 percent to $97.03 in premarket trading as the retailer missed Wall Street estimates for same-store sales in the second quarter, according to Reuters. 

It also said it would seek to cut back on inventory of slow-selling product lines and reinvest in faster-moving goods.

Orchard’s 4,000 employees were informed of the permanent shutdown only on Tuesday, according to local media reports.

Read the rest of the USA Today article here, and the Reuters article here.