Home Depot buys The Company Store

Retail Dow Jones Newswires

In this Wednesday, May 18, 2016, file photo, people approach an entrance to a Home Depot store in Bellingham, Mass. (AP Photo/Steven Senne)

Home Depot (HD) bought home-decor and textiles retailer The Company Store from Hanover Direct for an undisclosed amount.

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The Company Store's five retail locations weren't part of the deal, which closed Tuesday, Home Depot said.

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"The acquisition of the Company Store provides product development and sourcing capabilities to help us expand our online decor business into broader categories across the entire home," Home Depot Chief Executive Craig Menear said in prepared remarks.

Shares of Home Depot have gained 40% this year.