Ares-Backed Orchard Supply Files Chap. 11

Orchard Supply Hardware Stores Corp, spun off by Sears Holdings Corp less than two years ago, has filed for Chapter 11 bankruptcy protection, partly blaming hefty dividends paid out to its former parent, sister news service Reuters reported. Los Angeles-based Ares Management LLC is Orchard Supply’s largest shareholder, with a stake of nearly 20 percent.