Omnichannel
True Value heads into bankruptcy but stores will stay open
October 23, 2024
True Value has filed for bankruptcy and plans to sell its operations though stores will remain open during the Chapter 11 process.
The hardware store chain entered into an agreement to sell substantially all of the company's business operations to home improvement industry peer Do it Best according to a press release.
"After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future," True Value CEO Chris Kempa said in the release.
The brand expects completion of the sale process by year end.
"A successful acquisition of True Value assets would represent a strategic milestone for Do it Best and home improvement retailers around the world," Dan Starr, Do it Best president and CEO, said in the release. "Do it Best has a proven track record of driving profitability through the most efficient operations in the industry. This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come."
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