Thanks to Biden-harris economics, True Value declares bankruptcy and sells itself to a hardware rival

[Mark Clark]

True Value, a 75-year old hardware store brand, has filed for bankruptcy
and is selling substantially all of its operations to a rival, the company
announced Monday.

In a press release, True Value said it will continue day-to-day operations
of selling hardware and other homeware tools to its 4,500 independently
operated locations during the Chapter 11 process, which includes a $153
million stalking horse bid from rival company Do it Best.

True Value said its stores will remain open, because they are not part of
the bankruptcy proceedings.

In bankruptcy court filings, True Value said it faces a significant cash
crunch as the housing market stalled and consumers have become far more
picky about discretionary purchases like hardware. Bigger rivals like Home
Depot and Lowe’s have also been in a yearslong slump since the pandemic
boom, but they remain in a significantly stronger financial situation than
True Value.

Still, a number of other chains have voiced similar problems that also
tipped them into bankruptcy, including Big Lots and LL Flooring.

“After a thorough evaluation of strategic alternatives, we determined that
the sale of our business was the path forward to maximize value and best
serve our retail partners and other stakeholders into the future,” said
True Value CEO Chris Kempa in a release.

Do it Best is a member-owned wholesaler that sells hardware, lumber and
other home goods to independent stores.

“Do it Best has a proven track record of driving profitability through the
most efficient operations in the industry,” said Do it Best CEO Dan Starr
in a statement. “This acquisition, if consummated, would provide True
Value and independent hardware stores the strongest opportunities for
growth for years to come.”

The transaction with Do it Best is expected to close by the end of the
year, unless there’s better offers.

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https://finance.yahoo.com/news/true-value-declares-bankruptcy-sells-
174128698.html

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Post by Mark Clark
True Value, a 75-year old hardware store brand, has filed for bankruptcy
and is selling substantially all of its operations to a rival, the company
announced Monday.

Very sad ! I preferred them to the 'giant' chains.
I'll buy Amazon rather than go to a HD.

Post by Mark Clark
In a press release, True Value said it will continue day-to-day operations
of selling hardware and other homeware tools to its 4,500 independently
operated locations during the Chapter 11 process, which includes a $153
million stalking horse bid from rival company Do it Best.
True Value said its stores will remain open, because they are not part of
the bankruptcy proceedings.
In bankruptcy court filings, True Value said it faces a significant cash
crunch as the housing market stalled and consumers have become far more
picky about discretionary purchases like hardware.

Yep, money is tighter. Thanks Joe/K !

USED to be that some guy goes into a hardware store looking
for a $1.95 item and came out with $99.95 worth of stuff.
Not so much anymore.

Oh, what did 'guns' have to do with any of this ???

[T]

Post by Mark Clark
True Value, a 75-year old hardware store brand, has filed for bankruptcy
and is selling substantially all of its operations to a rival, the company
announced Monday.

  Very sad ! I preferred them to the 'giant' chains.
  I'll buy Amazon rather than go to a HD.

Post by Mark Clark
In a press release, True Value said it will continue day-to-day operations
of selling hardware and other homeware tools to its 4,500 independently
operated locations during the Chapter 11 process, which includes a $153
million stalking horse bid from rival company Do it Best.
True Value said its stores will remain open, because they are not part of
the bankruptcy proceedings.
In bankruptcy court filings, True Value said it faces a significant cash
crunch as the housing market stalled and consumers have become far more
picky about discretionary purchases like hardware.

  Yep, money is tighter. Thanks Joe/K !
  USED to be that some guy goes into a hardware store looking
  for a $1.95 item and came out with $99.95 worth of stuff.
  Not so much anymore.
  Oh, what did 'guns' have to do with any of this ???

I loved to one we had in the next city, They went out of
business when Lowes and Home Depot opened.

We still have an Ace and the locals, including me, love
the place. They have a ton of foot traffic.

[Frank]

Post by Mark Clark
True Value, a 75-year old hardware store brand, has filed for bankruptcy
and is selling substantially all of its operations to a rival, the company
announced Monday.

   Very sad ! I preferred them to the 'giant' chains.
   I'll buy Amazon rather than go to a HD.

Post by Mark Clark
In a press release, True Value said it will continue day-to-day operations
of selling hardware and other homeware tools to its 4,500 independently
operated locations during the Chapter 11 process, which includes a $153
million stalking horse bid from rival company Do it Best.
True Value said its stores will remain open, because they are not part of
the bankruptcy proceedings.
In bankruptcy court filings, True Value said it faces a significant cash
crunch as the housing market stalled and consumers have become far more
picky about discretionary purchases like hardware.

   Yep, money is tighter. Thanks Joe/K !
   USED to be that some guy goes into a hardware store looking
   for a $1.95 item and came out with $99.95 worth of stuff.
   Not so much anymore.
   Oh, what did 'guns' have to do with any of this ???

I loved to one we had in the next city,  They went out of
business when Lowes and Home Depot opened.
We still have an Ace and the locals, including me, love
the place.  They have a ton of foot traffic.

Local True Value had a lot of traffic but converted to ACE a year or so
ago. I thought maybe owner that worked there might have retired but
maybe bankruptcy was why.

Ziggy cartoon on inflation said he was saving a lot more money because
now he could not afford to buy anything.