New York — True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday. See the listTrue Value said its stores will remain open, because they are not part of the bankruptcy proceedings. Bigger rivals like Home Depot and Lowe’s have also been in a yearslong slump since the pandemic boom, but they remain in a significantly stronger financial situation than True Value. Do it Best is a member-owned wholesaler that sells hardware, lumber and other home goods to independent stores. “This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come.”The transaction with Do it Best is expected to close by the end of the year, unless there’s better offers.

Source: CNN October 14, 2024 18:32 UTC