True Value declares bankruptcy and sells itself to a hardware rival

True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling its operations to rival company Do it Best for $153 million during the Chapter 11 process. Despite the financial struggles, True Value’s 4,500 independently operated locations will remain open, as they are not part of the bankruptcy proceedings. Do it Best CEO Dan Starr expressed confidence in the acquisition, stating it would provide the strongest opportunities for growth for True Value and independent hardware stores.

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