Orchard gives update on progress, names VP marketing
Orchard Supply Hardware Stores has announced continuing progress with key operating and financial initiatives under its repositioning strategy:
• The company reduced its debt by more than $90 million during the past 12 months and secured financing for store remodels, primarily by executing multiple sale-leaseback transactions;
• Orchard refinanced its Senior Secured Credit Facility in October. As of Oct. 27, the company had about $64 million of cash and credit available;
• The company now has eight stores in its new neighborhood format; and
• The company engaged Moelis & Co. to lead in the refinancing efforts of Orchard’s Senior Secured Term Loan. The company obtained a short-term waiver from its current term loan lenders related to compliance with the leverage ratio covenant for the Oct. 27 measurement period.
"I am pleased that we continue to make significant progress against our initiatives and greatly appreciate the support of our lenders as we work over the next several weeks to continue to strengthen Orchard's financial position,” said Mark Baker, Orchard president and CEO.
Orchard also appointed retail veteran Samantha Osselaer, 48, to the newly created position of VP marketing, effective Nov. 5. Osselaer will lead marketing strategies that will help support the company's continuing repositioning efforts. She will report directly to Baker.
Osselaer has more than 20 years of experience in multichannel retail marketing, brand strategy, print and broadcast advertising and e-commerce development.
Prior to joining Orchard, Osselaer was senior director, creative and branding with Overstock.com. Previously, she served as VP brand creative at Frontgate and VP and creative director for Smith & Hawken and Macy's.