A National Home Improvement Chain Has Filed For Bankruptcy, Selling To A Rival Company

Another big national chain is facing tough times and declaring bankruptcy.

True Value, a 75-year-old hardware store chain announced this week that they would be declaring bankruptcy and selling its operations to a rival company.

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True Value is blaming what has plagued other national chains around the country, the economy for it's decline in sales according to CNN. In the bankruptcy filling, True Value said they face a major cash crunch.

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.

Texas True Value Stores To Remain Open

The good news for consumers and fans of True Value stores across the United States, including across Texas is that the individual stores will not be closing according to CNN.

True Value stores are independently operated and are not part of the sale. The stores will continue their day to day business and will remain open. True Value says the sell to Do It Best will benefit the 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.”

There are 4,500 True Value stores across the United States. The sell is expected to go through at the end of the year according to CNN.