California's Orchard Supply coming to Portland

Orchard Supply Hardware is opening two stores in the Portland area.

A California hardware chain that began as a farmers? cooperative will open two stores in Portland, its first venture beyond the Golden state.

Orchard Supply Hardware Stores (NASDAQ: OSH) will take over the former Bally?s Total Fitness space in Portland, 10860 S.W. Barnes Road, and the former Ultimate Electronics store in Tigard, 9770 S.W. Scholls Ferry Road. Each store will employ about 100, with openings slated for mid-2013.

Orchard operates 89 stores in California focused on paint, home repair and backyard supplies.

?We have wanted to bring Orchard to Oregon for a long time, and we?re thrilled to finally be entering the market,? said Mark Baker, president and CEO.

Last month, Orchard announced it had closed a five-year credit line consisting of $120 million in revolving credit and a $7.5 million fixed rate loan through Wells Fargo Capital Finance and Bank of America N.A. The new facility replaced its existing $100 million credit facility and is part of its effort to improve its financial position and reduce its debt.

Orchard Supply reported a $14.4 million loss, or $2.40 per share, on $660.5 million in revenue, according to its annual statement.

Orchard began as a purchasing cooperative in San Jose, Calif. The average store is 44,000 square feet of enclosed space and 8,000 square feet of exterior nursery and garden space.

Wendy Culverwell covers real estate, retail and hospitality.

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