Beloved Illinois, U.S. Midwest Hardware Brand files for Chapter 11 Bankruptcy Protection, is sold

In order to streamline the sale, True Value and its affiliates have voluntarily filed for Chapter 11 bankruptcyPhoto byBente WhyattonUnsplash

True Value Company, L.L.C., a global leader in hardlines wholesale, has announced an agreement to sell the majority of its business operations to Do it Best Corp, a fellow home improvement industry peer. In order to streamline the sale, True Value and its affiliates have voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.

Despite the filing, True Value will continue its day-to-day operations, serving its network of 4,500 independently owned retailers with the products and expertise they rely on. The decision to sell comes after a thorough evaluation of strategic alternatives, according to Chris Kempa, True Value’s Chief Executive Officer.

"We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space, is the most beneficial next step for True Value and our associates, customers, and vendor partners," said Kempa.