Home Depot buys The Company Store

RetailDow Jones Newswires

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

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HDTHE HOME DEPOT INC.179.58+4.71+2.69%

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.