Specialty retailer Orchard Supply Hardware Stores Corporation (NasdaqCM:OSH - News), which was recently spun off from Sears Holdings Corporation (NasdaqGS:SHLD - News) began trading on the NASDAQ Capital Market effective yesterday, January 3. Orchard closed its first trading day at a price of $23.53 per share, dropping nearly 5.9% from its opening price of $25 per share.
Orchard’s Series A Preferred Stock will also be quoted on the OTCQB under the symbol “OSHSP”.
Sears Holdings Corporation, a leading home appliance retailer in the United States and Canada, divested its interest in Orchard Supply Hardware Stores Corporation on December 30, 2011. However, Sears continues to be listed on the NASDAQ Global Select Market under the symbol "SHLD".
Orchard, which will now operate as an independent publicly traded company, is mainly focused on homeowners with repair, maintenance and improvement needs. Currently, Orchard operates 87 full-service hardware stores in California.
The Orchard stores generally comprise an enclosed retail area and an outdoor nursery and garden space, housing a large variety of products categorized mainly under three heads: repair and maintenance, lawn and garden and in-home products.
Orchard’s management is now in the process of implementing customer service initiatives and merchandising strategies along with transforming its stores to an updated and customer-friendly format, aimed at driving long-term growth as well as building value for shareholders.
Sears Holdings Corp., the fourth largest broadline retailer in the U.S., offers home appliances, tools, lawn and garden equipment, electronics, automotive repair and maintenance products through a countrywide network of over 4,000 retail stores. Additionally, the company makes over 11 million service calls annually becoming the largest home services provider in the United States. The company’s flagship brands include leading product labels like Kenmore, Craftsman and DieHard, Lands' End, Jaclyn Smith, Joe Boxer, Apostrophe and Covington.
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