Those of us in/near small towns rely on local hardware stores for a lot of things. Saves long trips to the big box stores like Lowes and Home Depot. But the prices could get a lot better, which is the downside of their convenience. Apparently TRUE VALUE is not selling enough to stay in business.
Chapter 11 Reorganization Bankruptcy with a built in sale to its rival DO IT BEST Hardware. Maybe between the 2 chains they can generate enough sales volume to create critical mass and remain viable in small towns. Full story at CNN's link below.
Chapter 11 Reorganization Bankruptcy with a built in sale to its rival DO IT BEST Hardware. Maybe between the 2 chains they can generate enough sales volume to create critical mass and remain viable in small towns. Full story at CNN's link below.
True Value declares bankruptcy and sells itself to a hardware rival
New York CNN — normal
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.
In a press release, True Value said it will continue day-to-day operations of selling hardware and other homeware tools to its 4,500 independently operated locations during the Chapter 11 process, which includes a $153 million stalking horse bid from rival company Do it Best.
True Value said its stores will remain open, because they are not part of the bankruptcy proceedings.
In bankruptcy court filings, True Value said it faces a significant cash crunch as the housing market stalled and consumers have become far more picky about discretionary purchases like hardware. 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. . .
