True Value Files for Chapter 11. Aims For Sale By Rival Do It Best By Year's End.
Wholesale hardware supplier True Value has filed for Chapter 11 bankruptcy, aiming for a sale to rival Do It Best by year-end. The independently owned True Value retail stores will remain unaffected, with the wholesaler continuing to supply products to over 4,000 locations. True Value reported between $500 million and $1 billion in liabilities. Do It Best has agreed to buy True Value’s assets for over $100 million, with the option for higher bids remaining open.
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00:00It's Benzinga, and here's what's on the block.
00:03Wholesale hardware supplier True Value has filed for Chapter 11 bankruptcy, aiming for
00:07a sale to rival Do It Best by year-end.
00:10The independently-owned True Value retail stores will remain unaffected, with the wholesaler
00:14continuing to supply products to over 4,000 locations.
00:18True Value reported between $500 million and $1 billion in liabilities.
00:23Do It Best has agreed to buy True Value's assets for over $100 million, with the option
00:28for higher bids remaining open.
00:30For all things money, visit Benzinga.com.