True Value Files for Bankruptcy, Agrees to $153M Sale to Do it Best

The Chicago-based hardware wholesaler plans to sell its operations to rival Do it Best amid financial struggles.

True Value has filed for Chapter 11 bankruptcy, citing financial distress due to a weak housing market and reduced consumer spending on home improvements.
The company has agreed to sell its business to Do it Best Corp. for $153 million, with the deal expected to close by the end of the year.
True Value's 4,500 independently owned stores will remain operational and are not included in the bankruptcy proceedings.
Do it Best, a member-owned co-op, will become the 'stalking horse' bidder, setting a base offer for potential higher bids.
The acquisition aims to strengthen both companies' positions in the home improvement sector and support independent hardware stores' growth.