Photo: Getty Images
From stores that have been around for decades to newer retailers, so many chains recently have declared bankruptcy. Giant national brands like Bed, Bath & Beyond, Christmas Tree Shops, Tuesday Morning, Big Lots, Express and many others have needed to, and now, a massive hardware chain has followed suit.
True Value Company, which has 4,500 locations across the country selling everything from tools to lumber to plumbing supplies and other home improvement goods, filed for bankruptcy. The Chicago-based company has between $500 million and $1 billion in liabilities, leading to the bankruptcy declaration. The good news is that because all of the chain's stores are independently owned, they are not part of the bankruptcy process and should not be affected.
Per Reuters, as a resolution to the Chapter 11 filing, True Value is currently considering a sale to its rival, Indiana-based Do It Best, who, for the brand, are willing to pay $153 million cash, take on around $45 million in contracts, and hire some True Value employees. However, if a higher bidder comes along, they will be the frontrunner to buy the company.