75-Year-Old Company With 100 New York Stores Sells To Rival
A 75-year-old company with 100 stores in New York State has filed for bankruptcy and is selling to a rival.
Hardware store brand True Value is filing for bankruptcy.
True Value Files For Bankruptcy
True Value is one of the world's leading hardliner wholesalers, according to company officials.
On Monday, True Value confirmed they started Chapter 11 proceedings to "complete (a) value-maximizing transaction."
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True Value will continue its day-to-day operations selling hardware and other homewares during the Chapter 11 process.
Around 100 Locations In New York
True Value has over 4,500 retail locations, including around 100 in New York.
"True Value will continue its day-to-day operations serving 4,500 independently owned retailers that rely on True Value for the right products, trusted expertise, and its 75-year-old iconic brand," the company stated in a press release.
True Value Sells To Rival, Do it Best
True Value also announced the 75-year-old company is selling its operations to rival Do It Best.
"After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future," True Value CEO Chris Kempa said.
In court filings, the company said money is tight as the housing market slows consumer demand, as many become less inclined to spend on discretionary purchases.
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"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 helping them grow, is the most beneficial next step for True Value and our associates, customers, and vendor partners," Kempa adds.
Company officials say the sale is "the next step in a series of actions" taken in 2024 to "better position the business and its iconic brand for the long term."
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Independently owned and operated True Value locations are not part of the bankruptcy
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