True Value Files for Bankruptcy, Plans Business Sale

Hardware wholesaler True Value Company LLC filed for bankruptcy on Monday, seeking to sell its business to rival Do It Best for $153 million.

True Value, which sells hardware, tools, lumber, plumbing and heating supplies, and other home improvement goods, said its retail stores are independently owned and not part of the bankruptcy process.

The Chicago, Illinois-based company, has between $500 million and $1 billion in total liabilities, according to its Chapter 11 petition in Delaware bankruptcy court.

Read more at Reuters.