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Orchard Supply gets $176 million in bankruptcy financing
San Jose Calif. -- Orchard Supply, which sought bankruptcy protection earlier this year, has won court approval of as much as $176.3 million in bankruptcy financing, according to a report by Bloomberg.
The U.S. bankruptcy court approved the loans that will help fund operations as Orchard pursues a sale of at least 60 of its 91 stores. Lowe’s Cos. has the lead offer of $205 million.
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J.B. Hunt keeps rolling, but trucks stall
Increased shipping volumes and moderating fuel prices helped J.B. Hunt Transport Services grow second quarter sales 10.1% to nearly $1.4 billion while profits disappointed slightly.
Profits for the period ended June 30 increased to $87.7 million, or 73 cents a share, compared to $80.5 million, or 67 cents a share, during the comparable period the prior year. Earnings per share were a penny less than analysts’ forecast and operating margins contracted to 10.7% from 10.9%.