Another store files for Ch. 11 bankruptcy and sells assets to another hardware competitor

A True Value store in Mt. Prospect, Illinois.Photo byCotter2018, CC BY-SA 4.0, via Wikimedia Commons.

True Value Company, L.L.C. announced on October 14, 2024, in a press release that it agreed "to sell substantially all of the Company's business operations to home improvement industry peer Do it Best Corp."

Do it Best was established in 1945. It's a member-owned wholesaler that sells hardware, lumber, and other home goods to independent stores. True Value is also a longstanding business which has operated for 75 years.

Chapter 11 proceedings were filed in the U.S. Bankruptcy Court for the District of Delaware. The iconic brand of True Value will continue its day-to-day operations serving 4,500 independently owned retailers.

True Value stores are independently owned and are not a part of the Chapter 11 proceedings, with the exception of one Company-owned store in Palatine, IL. (Source.)

While Lowe's and Home Depot also experienced a slump, they were in a better financial position than True Value. The completion of the sale process is expected by the end of 2024.

According to a data resource, ScrapeHero, there are 51 True Value stores in Missouri.

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