{"id":51121,"date":"2024-10-17T20:50:23","date_gmt":"2024-10-18T00:50:23","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=51121"},"modified":"2024-10-17T20:50:28","modified_gmt":"2024-10-18T00:50:28","slug":"true-value-declares-bankruptcy-and-sells-itself-to-a-hardware-rival","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2024\/10\/17\/true-value-declares-bankruptcy-and-sells-itself-to-a-hardware-rival\/","title":{"rendered":"True Value declares bankruptcy and sells itself to a hardware rival"},"content":{"rendered":"\n

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.<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

In a press release<\/a>, 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.<\/p>\n\n\n\n

True Value said its stores will remain open, because they are not part of the bankruptcy proceedings.<\/p>\n\n\n\n

In bankruptcy court filings, True Value said it faces a significant cash crunch as the housing market stalled and consumers have become far pickier about discretionary purchases like hardware. Bigger rivals like Home Depot and Lowe\u2019s have also been in a yearslong slump since the pandemic boom, but they remain in a significantly stronger financial situation than True Value.<\/p>\n\n\n\n

Still, a number of other chains have voiced similar problems that also tipped them into bankruptcy, including Big Lots and LL Flooring.<\/p>\n\n\n\n

\u201cAfter 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,\u201d said True Value CEO Chris Kempa in a release.<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Do it Best is a member-owned wholesaler that sells hardware, lumber, and other home goods to independent stores.<\/p>\n\n\n\n

\u201cDo it Best has a proven track record of driving profitability through the most efficient operations in the industry,\u201d said Do it Best CEO Dan Starr in a statement. \u201cThis acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come.\u201d<\/p>\n\n\n\n

The transaction with Do it Best is expected to close by the end of the year, unless there\u2019s better offers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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… <\/p>\n","protected":false},"author":1,"featured_media":51122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"17","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2,"attached_media":[{"id":51122,"url":"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2024\/10\/258s-jpg.webp","type":"image\/jpeg"}]},"_wpas_customize_per_network":false},"categories":[17],"tags":[10102],"class_list":["post-51121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-and-world-news","tag-true-value-declares-bankruptcy-and-sells-itself-to-a-hardware-rival"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/51121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=51121"}],"version-history":[{"count":1,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/51121\/revisions"}],"predecessor-version":[{"id":51124,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/51121\/revisions\/51124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/51122"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=51121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=51121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=51121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}