True Value declares bankruptcy and sells itself to a hardware rival

[Eugene]

Source: CNN

True Value declares bankruptcy and sells itself to a hardware rival

By Jordan Valinsky, CNN
2 minute read
Published 1:41 PM EDT, Mon October 14, 2024

New York (CNN) — 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.

-snip-

Read more: https://edition.cnn.com/2024/10/14/business/true-value-bankruptcy/index.html

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

[2naSalit]

1. That sucks...

I go to my local TV on purpose to avoid the higher costing Ace Hardware.

[a kennedy]

2. I just can't deal with the huge box stores.....

I really like the smaller hardware stores.

[The Unmitigated Gall]

3. I go to mine to avoid Home Deplorable. nt

[keep_left]

4. Decades ago, I remember complaints about the "big hardware companies"...

...like True Value and Ace. They pretty much laid waste to the local neighborhood hardware store, although some of the local owners ended up joining them as affiliates. Now even the big hardware companies are being eclipsed by the giant home stores like Home Depot. Maybe that's progress, and I might see it as less of a problem if I could ever find the hardware I'm looking for (they started cutting back on the sizes they carry), and of course, they run on skeleton crew staffing so there is no one to help.

[Jk23]

7. The Waldenbboks / Borders complaint

The plot of You Got Mail for example.

[Aristus]

5. It won't be long until they're bought by a private equity firm.

Then you can start expecting bendy nails and soft-headed screwdrivers.

[usonian]

6. The nearest TV changed to an Ace, making two, and less choice.

So a new TV opened up, and suddenly it's another DoIt, the dinkiest store downtown. There are like 14 parking spaces near it, so I rarely went. Mind you, this is in the foothills, where hardware stores outnumber everything, and you have to drive 50 miles to buy clothes that aren't Carhart.

[littlemissmartypants]

8. Interesting.

[usonian]

10. Hardware heaven. I left out the Tractor Supply.

They had horse wormer and had to label it unfit for people.

Can't tell the stores without a scorecard. I met the over of the local Ace. We share an interest in aviation, since I worked at a jet engine plant. Let's just say, he stocks My Pillow.

Some employee embezzled a million from his store, and strangely enough got caught.

Some fun.

Sign of the times. We had two fast food chain stories. Subway and Burger King. The latter just became a Starbucks.

[littlemissmartypants]

11. Wow!

I've been to TS once but they're everywhere here.

[littlemissmartypants]

9. I love my local hardware store. ...

I love just browsing any hardware store that's small and local. You can learn a bunch about a community from their hardware store.

With this action my local will be going through its fourth major transition. I hope we don't start seeing cheap bendy nails like Aristus suggests. But it wouldn't surprise me.

[niyad]

12. I was trying to remember if we even have a TV here. .we don't. The locally-

owned old-fashioned community hardware store closed ages ago. However, the local Ace Hardware franchise store, locally owned, takes very good care of this very non-handy person. No matter how insignificant or clueless my question, they have a very helpful answer for me, and do not treat me as if I were an idiot. Do I need a new doorbell for a client, one that does not require playing with the wires? Yes, of course, right this way. Do I need something to hold my handheld shower head at my level, since I am not 6'6 like the person who originally put in the shower? Yes, right here. Do you have the seeds for pumpkin-on-a-stick? Of course. And so on. . .

My Ace is far more convenient and closer than the nearest Lowe's, plus I have known most of the employees for years, and I will not go into home depot.