True Value, a national hardware retailer whose roots go back more than 70 years, said Monday that it has declared bankruptcy and will sell itself to a competitor.
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.
“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 and also operates with a focus on supporting members and…
