Major home improvement retailer files for bankruptcy, announces sale plans

( WJET/WFXP ) — True Value, a well-known home improvement company, entered into a sale agreement Monday morning after filing for Chapter 11 bankruptcy.

The Chicago-headquartered company entered an agreement with Do It Best. According to the bankruptcy filing, the 75-year-old company has $500 million to $1 billion in liabilities to over 1,000 creditors while claiming $100 million to $500 million in assets.

All stores will remain open, with business remaining unaffected since the stores, except for one company-owned store in Palatine, Illinois, are independently owned and not directly a part of the Chapter 11 filing.

True Value has an international network of over 4,500 independently owned and operated stores.

True Value has requested court approval to continue its current customer programs, including its Direct Ship Program, Rebate Program, Warranties Program, Rewards and Loyalty programs, and gift card programs.

“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,” Chris Kempa, True Value’s Chief Executive Officer, said in a statement. “We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value.”

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