SAN JOSE, Calif.--(BUSINESS WIRE)--
Orchard Supply Hardware Stores (OSH), a neighborhood hardware and garden store focused on paint, repair and the backyard, today announced the planned grand re-opening event of its Van Nuys, California store on June 8, 2013. With this remodel completed, Orchard will have brought its total number of neighborhood format stores to 17. The Company continues to expect to reach a total of approximately 20 stores, or more than 20% of the portfolio, in the new format by fiscal year-end.
The Van Nuys store, which has been in operation since 1965, is located at 5960 Sepulveda Boulevard at Oxnard Street. To celebrate this additional milestone in its repositioning strategy, the Company is planning a grand re-opening event that will feature customer giveaways and sweepstakes, including $25 Orchard gift certificates, vendor product demonstrations and free knife sharpening in the store’s new “Workbench” area.
“Orchard Supply Hardware's neighborhood store format is an ideal fit for the Van Nuys community, which takes pride in its homes, lawns and gardens and likes to shop locally,” said Mark Baker, Orchard President and CEO. “We are very pleased with the continued execution of our repositioning strategy, as we bring our new store format to this long-time Orchard location, following on the recent opening of our Yorba Linda store as well as our entry into two new markets in Oregon. As we open new and remodeled stores, our customers are responding positively to the new features and enhanced shopping environment."
The newly remodeled 41,800 square foot Van Nuys store offers new features, improved aisle navigation, and double the nursery space at almost 10,000 square feet with a variety of locally sourced plants and products. The new store format provides customers with a broad product and service selection with greater in-and-out convenience than big box home improvement stores. Orchard’s "race-track" layout maximizes traffic flow and helps customers find items quickly. In addition, the Van Nuys store offers an expanded and centralized customer-service area referred to as the "Workbench," where customers may get assistance with basic hardware needs such as tool and knife sharpening; rescreening; lock rekeying; pipe threading; and pipe, conduit, chain, cable or rope cutting. The Van Nuys location, which primarily serves customers from Van Nuys, Sherman Oaks and Encino, increased its staff by 50 percent and hired 30 new employees from the area ahead of the opening.
Orchard Supply Hardware Stores Corporation operates neighborhood hardware and garden stores focused on paint, repair and the backyard. The Company was founded as a purchasing cooperative in San Jose in 1931. Today the stores average 36,000 square feet of enclosed retail space and 8,000 square feet of exterior nursery and garden space. As of May 4, 2013, the Company had 92 stores in California. For more information, visit http://osh.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release (including information incorporated or deemed incorporated by reference herein) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Words such as “guidance”, “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “intend”, “target”, “projects”, “estimates”, “plans”, “forecast”, “is likely to”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this press release, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, factors discussed under the section entitled “Risk Factors” in the Company’s reports filed with the Securities and Exchange Commission. Many of such factors relate to events and circumstances that are beyond the Company’s control. These risks and uncertainties and the risks and uncertainties relating to the Company’s ability to modify its capital structure include, but are not limited to, consumer demand for the Company's products and services; competition and other factors; continued support from the Company's lenders, vendors, and landlords; the loss of key executives and employees; the risks to the Company and its stakeholders associated with the Company’s inability to successfully refinance or modify its Term Loan and/or raise new long term debt and/or equity; and the risks that raising additional capital, refinancing or amending the Company’s Term Loan or any other transaction needed to deleverage or address the Company’s capital structure could be significantly dilutive to its stockholders or even lead to a complete loss of their investment. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.
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- Orchard Supply Hardware
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Rick Saunders, 408-365-2662