True Value Company LLC, a wholesale hardware supplier, filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-12337), seeking to sell its business to Fort Wayne, Indiana-based rival Do It Best Corp.
True Value is one of the world's leading hardlines wholesalers, serving approximately 4,500 stores worldwide. True Value retail stores, which are independently owned and operated, will remain open during the bankruptcy process, and the wholesaler said it will continue to supply products to those locations.
According to court filings, the company commenced the bankruptcy case after a robust prepetition marketing process that resulted in the execution of an asset purchase agreement with Do It Best to serve as the "stalking horse" bidder for True Value's assets, agreeing to pay $153 million in cash, assume liabilities of up to $45 million, and offer employment to certain True Value employees. True Value seeks to close the sale, which remains subject to higher and better offers, by the end of the year.
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