Chicago-based hardware wholesaler True Value has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware, with plans to sell most of its business operations to a rival in the sector, Do it Best.
Chapter 11 bankruptcy allows businesses to maintain regular operations while creating a plan to repay creditors.
According to an Oct. 14 news release, the now 75-year-old brand True Value will continue its day-to-day operations as normal for now, with its 4,500 independently owned retailers not included in the bankruptcy filing.
The hardware wholesaler’s locations are owned independently by franchisees. Only a single location owned by the company in Palatine, Illinois, a northwest Chicago suburb, is part of the proposed sale.
True Value’s Chief Executive Officer Chris Kempa said “entering the process with an agreed offer from Do it Best” was flagged as the “most beneficial next step for True Value.” […]
— Read More: www.theepochtimes.com
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