75-Year-Old True Value Declares Bankruptcy, Sells Business to Do it Best for $153 Million

Oct 14, 2024, 06:06 PM

True Value, a 75-year-old hardware wholesaler, has declared bankruptcy and entered into an agreement to sell substantially all of its business operations to home improvement industry peer Do it Best Corp. The sale agreement, valued at $153 million, follows True Value's Chapter 11 bankruptcy filing on Monday morning. The company aims to restructure and streamline its operations through this acquisition by its rival.