True Value Company issued a press release yesterday saying it had “entered into an agreement to sell substantially all of the company’s business operations to home improvement industry peer Do it Best Corp.”
“To complete the sale in the most efficient manner, True Value and certain of its affiliates initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware,” the release from the Chicago-based company said. “True Value will continue its day-to-day operations serving 4,500 independently-owned retailers…”
The bid for True Value came to light yesterday. Do it Best Corp., of Fort Wayne, Ind., has offered a reported US$153 million, in cash, for the company.
(If you are a Premium Subscriber, you can get Breaking News from the True Value bankruptcy and sale process right to your device! Sign up so you don’t miss out!)
