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. 

Orchard Supply Hardware has gone through a lot of changes in its 80-year history, but the California chain — now numbering 89 units with $660.7 million in annual sales — has weathered them all. Changes in ownership, leadership, store design, color scheme and signage have come and gone. But the stores’ customers — known for their exceptional loyalty — have generally stuck with the chain. 

According to an article in the Silicon Valley Mercury News, Orchard Supply Hardware will close in Antioch, Calif., before the end of the year.

The closing is a result of the San Jose, Calif.-based company's "ongoing evaluation of store performances," according to the article. The retailer has been at the location on Buchanan Road since 1987.

Orchard, the California home improvement chain formerly known as Orchard Supply Hardware or OSH, is opening a new store in South San Jose on Sept. 17. The new unit will be the company’s 89th location. 

An article in the San Jose Mercury News reported that Orchard Supply Hardware is working to distinguish itself from big and small competitors. 

In addition to introducing a new logo and a new brand name -- "Orchard" -- the San Jose, Calif.-based company intends to earn a reputation as the place for backyard home improvement. 

According to Tom Carey, senior VP for Orchard, the 89-store chain anticipates growth, perhaps even at the rate of 10 to 15 stores a year. 

Hoffman Estates, Ill.-based Sears Holdings Corp. said it plans to spin off its interest in Orchard Supply Hardware Stores, an 89-store chain that operates in California.

Orchard Supply Hardware -- also known as OSH -- recently named Mark Baker, a former top merchant at The Home Depot, as its CEO. OSH is based in San Jose and posted $660.7 million in sales in 2010, with a profit of $8.7 million.

Steve Mahurin, the former Home Depot and True Value Co. merchandising executive, will take over as the senior merchant at San Jose, Calif.-based Orchard Supply Hardware.

Mahurin's appointment as executive VP and chief merchandising officer takes effect May 2. He will replace Steve Olsen, who has been named senior VP and chief strategy officer for the California hardware chain. Both men will report to Mark Baker, who was named CEO earlier this year. 

Orchard Supply Hardware has named retail veteran Mark Baker as its new president and CEO. Baker will replace Robert Lynch, who left last December to take a job as president and chief operating officer at Lumber Liquidators.

This week, California-based Orchard Supply Hardware is leveraging its Sears connection, by marking 25% off of all Craftsman brand products.

Hot Deals

• A Craftsman 12-volt Li-Ion drill for $52.49 • A 17-in. plastic toolbox for $11.24 • 260-piece mechanic’s toolbox for $149.99

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