For the last 75 years, Tru Value has been what’s called the hardline vendor who supplies a wide variety ofproducts for Tru Value Hardware Stores. Now, they’re declaring Chapter 11 and are being purchased.
Do-It-Best will buy all Tru Value assets
According to a statement from the company, all Tru Value assets will be sold to Do-It-Best, a home improvement market rival. In this business area, Ace Hardware has the most stores in the US, followed closely by Do-It-Best, then close behind them is Tru Value.
According to CBS News:
“The Chicago-based company filed for Chapter 11 protection from its debts in the U.S. Bankruptcy Court for the District of Delaware. As part of the filing, most of the privately held retailer’s assets will be acquired by home improvement rival Do it Best. True Value, which was founded in 1948, said it will continue providing independently owned retailers with products.”
The statement from the company as well as reports indicate the Chapter 11 filing will not affect any of the 4,500 Tru Value Stores across the US, they are independently owned and operated.
The official statement said in part:
“A successful acquisition of True Value assets would represent a strategic milestone for Do it Best and home improvement retailers around the world,” said Dan Starr, Do it Best President & Chief Executive Officer. “Do it Best has a proven track record of driving profitability through the most efficient operations in the industry. This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come.”
There are 32 Tru Value Hardware stores in WA State.
Company officials are targeting the sale to be completed by the end of 2024.
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