Financial Struggles and Strategic Sale
, a 75-year-old hardware store brand, announced its bankruptcy and plans to sell its operations to rival for $153 million amid financial difficulties and a stalled housing market.
The company cited a significant cash crunch and changing consumer habits as key factors behind its decision, choosing the sale as a strategic move to maximize value and serve stakeholders better.
Future Prospects and Industry Context
Despite the bankruptcy, True Value's 4,500 independently operated locations will remain open, and the sale is expected to close by year-end unless better offers arise.
Do it Best, a member-owned wholesaler, aims to leverage this acquisition for growth, highlighting its efficient operations and profitability track record. The deal comes amid broader retail challenges faced by chains like and .