Orchard Supply Hardware Stores Corp., the operator of 91 hardware stores with a $205 million offer from Lowe’s Cos. for at least 60 of them, won court approval to hold going-out-of-business sales at eight underperforming stores and potentially another 22, Bloomberg News reported on Friday. Bankruptcy Judge Christopher Sontchi at a hearing on Friday approved the company’s agreement with liquidator Great American Group, which yesterday won an auction for the right to run the store closing sales. A joint venture of liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC made an initial offer for a 74 percent recovery on assets to be sold, according to court papers.
