Hardware wholesaler with 40 Mass. stores files for bankruptcy, plans to sell business to rival

BOSTON — A 75-year-old hardware wholesaler with dozens of stores scattered across Massachusetts filed for Chapter 11 bankruptcy on Monday, announcing a plan to sell all of its business operations to a home improvement competitor.

True Value initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to complete the sale to industry peer Do it Best Corp, according to a news release.

True Value says it will continue its day-to-day operations serving 4,500 independently owned retailers, including 40 stores in Massachusetts.

“After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future,” True Value’s Chief Executive Officer Chris Kempa said in a statement. “We believe that entering the process with an agreed offer from Do it Best, which has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step for True Value and our associates, customers, and vendor partners.”

Because its stores are independently owned, they are not a part of the Chapter 11 proceedings, True Value said.

The company is targeting completion of the sale process by the end of the year.

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