Another retail chain with locations in Ohio has declared bankruptcy, joining others like Big Lots and Bed, Bath & Beyond .
This week, hardware store chain True Value announced it filed for Chapter 11 bankruptcy, and is expected to be acquired by rival Do it Best.
How does that affect Ohio? Here’s what to know.
True Value files for bankruptcy
In a press release on Monday , the 75-year-old company said plans to sell the business to hardware rival Do it Best Corp. To do that in the “most efficient manner,” True Value began Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
During bankruptcy proceedings, the company will continue its day-to-day operations serving 4,500 independently owned retailers. Because those stores are independently owned, they will remain open and are not part of bankruptcy proceedings, True Value said in its release.
In its bankruptcy filings, True Value stated its sales are slumping like others in the home improvement sector, USA TODAY reports .