Iconic 75-Year-Old Hardware Company Files For Bankruptcy

CHANGES COMING TO TRUE VALUE HARDWARE

How many of us grew up with a True Value Hardware store in our hometowns? It's the place to go when you need to fix farm equipment, get a new lawn mower, get a bucket of paint to paint your bedroom walls, or find unusual hardware for an old door you're trying to fix. It's amazing how much stuff they have.

In a press release, True Value CEO Chris Kempa said, “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.”

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BANKRUPTCY FILING

We learned today that True Value, which is a 75-year-old hardware store, has filed for bankruptcy. True Value will be selling its operations to one of its biggest rivals.
Do It Best will be taking over the company. Do it Best is a member-owned wholesaler that sells things like lumber, home goods and hardware to their independent stores.

Do it Best and True Value are expected to close the deal by the end of the year unless True Value gets a better offer.

WILL TRUE VALUE STORES BE CLOSING?

Does this mean that True Value stores will be closing? The answer is no. If the deal goes through, the plan is to help the current True Value stores a great opportunity for growth. CEO Dan Starr said, "This acquisition if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come."

True Value stores are independently owned, and are not a part of the bankruptcy filings, except for one store located in Illinois.