LANSING — Hardware wholesaler True Value , which includes multiple affiliate stores in the Greater Lansing area, has filed for Chapter 11 bankruptcy amid plans to sell its business to its home improvement rival Do It Best.
True Value, based in Chicago, said in a Monday press release that all of its 4,500 stores will remain open during the bankruptcy process because they are independently owned. The 75-year-old company initiated the proceedings in order to enter into an agreement with Do It Best, which has offered to pay $153 million in cash to purchase the business, Reuters reported .
In the Lansing area, True Value brand stores include:
- Williamston True Value Hardware, 139 S. Putnam St.
- Haslett True Value Hardware, 1581 Haslett Road.
- Kodet True Value Hardware, 110 W. Grand River Ave. in Fowlerville.
- Kodet’s Hardware Perry, 156 N. Main St.
True Value, which sells a variety of home improvement goods like tools, lumber and plumbing, said in bankruptcy court filings that it has succumbed to slumping sales that have affected other companies in the sector. The company, has between $500 million and $1 billion in total liabilities, Reuters reported, citing its bankruptcy petition.