Hardware Wholesaler True Value Files for Bankruptcy, Plans Sale to Rival Chain

True Value said the bankruptcy filing came after a significant cash crunch, as the housing market stalled and consumers became more hesitant to spend cash.

A hardware store located in NoHo Manhattan in a file photo. The Epoch Times

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.