( WJET/WFXP ) — A well-known 75-year-old home improvement company entered into a sale agreement early Monday morning after filing for Chapter 11 bankruptcy.
True Value filed for Chapter 11 bankruptcy and has agreed to enter into a sale agreement with Do It Best. According to the filing, the company has anywhere from $500 million to $1 billion in liabilities to over 1,000 creditors, while claiming $100 million to $500 million in assets.
Several stores in our region are under the True Value brand, including West End Hardware and Ferriers True Value, both in Erie, as well as Fairview Hardware and North East True Value, just to name a few.
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.
Erie company & global parent company files for bankruptcy
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.