True value hardware falling on hard times. Filing for bankruptcy.

Another Northwest establishment, this time in the hardware business, has decided to call it quits after 75 years. True Value Hardware, and it looks like they're going to sell all of their assets to another hardware company called Do It Best Corp. (Check out the link to their website at the bottom.) 

According to komonewscom,
‘The 75-year-old hardware store brand True Value announced Monday it has filed for bankruptcy and "entered into an agreement to sell substantially all of the Company's business operations to home improvement industry peer Do it Best Corp." 

True value says that they will continue to serve their 4500 Independently owned retailers while they go through this Chapter 11 process which should wrap up by the end of the year. 

One of the things that true value stresses is that these independently owned stores are not part of the proceedings. 

Do it Best is a member-owned wholesaler that sells hardware, lumber and other home goods to independent stores. 

When you consider that there are larger rivals like Lowe's and Home Depot who are complaining about hard times and slow sales, it's no wonder that a smaller player like true value hardware is having difficulties. 

Only time will tell if Do It Best, can do it better. 

Hardware wholesaler True Value files for bankruptcy after 75 years in business (komonews.com)
TRUE VALUE COMPANY ANNOUNCES SALE AGREEMENT WITH DO IT BEST (prnewswire.com)
Do it Best | Shop Hardware, Lumber, & Building Supplies
True Value declares bankruptcy and sells itself to a hardware rival | CNN Business