Overview

• True Value has filed for Chapter 11 bankruptcy, citing financial distress due to a weak housing market and reduced consumer spending on home improvements.
• The company has agreed to sell its business to Do it Best Corp. for $153 million, with the deal expected to close by the end of the year.
• True Value's 4,500 independently owned stores will remain operational and are not included in the bankruptcy proceedings.
• Do it Best, a member-owned co-op, will become the 'stalking horse' bidder, setting a base offer for potential higher bids.
• The acquisition aims to strengthen both companies' positions in the home improvement sector and support independent hardware stores' growth.