True Value declares bankruptcy and sells itself to a hardware rival

True Value, a longstanding hardware store brand, has entered bankruptcy and announced plans to sell most of its operations to a competitor. Despite the filing, True Value stores will remain operational as they are not involved in the bankruptcy process. The company is experiencing a financial shortfall due to a sluggish housing market and reduced consumer spending on non-essential items. Following a strategic evaluation, selling the business was deemed the best option for maximizing value. The acquisition by Do it Best, a wholesaler known for efficiency and growth potential, is anticipated to finalize by year-end, contingent on better offers emerging.