Orchard Supply in bankruptcy

American home improvement chain Orchard Supply Hardware Stores yesterday filed for Chapter 11 bankruptcy protection after revealing high debt loads. The company said the sizeable recapitalisation dividends it is required to pay former parent Sears Holdings were partly to blame. Rival retailer Lowe’s has agreed to pay $205m to obtain Orchard’s assets and 60 out of 91 retail stores, subject to bids at auction.