OSH shares slip on Orchard's first day of trading
On its first day of trading on the Nasdaq Capital Market under the symbol "OSH," Orchard Supply Hardware fell $1.47 to close at $23.55.
It was a lackluster day for the company's stock, but the San Jose, Calif.-based hardware chain is eager to begin corporate life as an independent publicly traded company, said CEO Mark Baker.
The retailer completed its spin-off from Sears Holdings Dec. 30 at 11:59 p.m.
"During the past year, our team has made significant progress toward developing a differentiated home improvement retail experience," said Baker. "We’re implementing new customer service initiatives and merchandising strategies, and have begun transitioning our stores to a new updated and customer-friendly format that more effectively showcases our merchandise and service offerings. We believe these actions will enable us to leverage the 80-year history of the Orchard brand in order to drive long-term growth and build value for our shareholders.”
Orchard now operates 87 full-service hardware stores in California.