Do it Best Successfully Completes Purchase of True Value. FORT WAYNE, IN, Nov. 22, 2024 – Do it Best announces the successful acquisition of True Value, a long-time competitor with a legacy brand that benefits both organizations.
Journalist, Editor, Writer. Home improvement mainstay True Value has announced it is filing for bankruptcy, with nearly all of the brand's operations set to be acquired by rival hardware wholesaler Do it Best.
In 2006 TruServ Corporation was renamed True Value Company. In July 2017 True Value was offered for sale, and competitor Ace Hardware expressed interest in purchasing it. Eventually, in 2018, international private equity investment firm, ACON, purchased True Value.
But after product shortages fizzled the pandemic home renovation craze, those plans went awry. The Chicago-based home improvement company with almost 170 years of history filed for Chapter 11 bankruptcy protection in mid-October.
All of True Value's 4,500 stores will remain open during the bankruptcy process because they are independently owned.
True Value said its stores will remain open, because they are not part of the bankruptcy proceedings. In bankruptcy court filings, True Value said it faces a significant cash crunch as the housing market stalled and consumers have become far more picky about discretionary purchases like hardware.
ACE Hardware is the largest with 4,800 member stores in 60 countries, Do it Best has 4,100 stores in 52 countries, and True Value has over 4,000 retail locations worldwide.
And to this very day, Ace Hardware Corporation is still owned solely and exclusively by the local Ace retail entrepreneurs.
In 1948, John Cotter founded Cotter & Company, a retailer-owned company that included 25 independently owned and operated stores. With the purchase of Hibbard, Spencer and Bartlett in 1963, Cotter not only acquired the company, but also the True Value trademark—a long-standing brand and presence since 1932.
- Fort Wayne-based Do it Best Corp. has completed its nearly $200 million acquisition of True Value Co. LLC, the company announced Friday.
True Value Company, a major hardware wholesaler and brand, filed for Chapter 11 bankruptcy protection on October 14, 2024. Simultaneously, the company announced an agreement to sell substantially all of its business operations to Do it Best Corp., a member-owned cooperative in the hardware industry.
True Value has an overall rating of 3.4 out of 5, based on over 706 reviews left anonymously by employees. 54% of employees would recommend working at True Value to a friend and 33% have a positive outlook for the business. This rating has improved by 2% over the last 12 months.
Do it Best announced Nov. 22 the signing of a purchase agreement to acquire True Value Co., creating what it calls "the world's largest network of independent home improvement stores." Roughly 500 of True Value's 4,500 dealers already were doing business with Do it Best.
True Value Company is located in the Presidents Plaza office complex. Presidents Plaza is located in northwest Chicago, approximately one and one half (1-1/2) miles east of O'Hare Airport and immediately south of the Kennedy Expressway (I-90).
Annual sales proceeded to grow from $100 million in 1966 to about $2 billion by the end of the 1980s, when the company employed about 1,000 people in the Chicago area. In 1997, after Cotter & Co. merged with Pittsburgh-based competitor ServiStar Coast to Coast Corp., the company became known as the TruServ Corp.
As The U.S. Sun previously reported, an Ace Hardware store in California closed its doors for good last fall after being open for almost a century. Its co-owner, Frank Nelson, decided it was time for him to retire and shut down operations on October 20. Liquidation sales as high as 60% were offered to customers.
No, Ace is a Coop and True Value was a Coop too but recently sold the coop to an investment company. A Coop is wholly owned by the individual stores as a group, with each store owing stock in the Coop. No one other than store owners is allowed to own stock or vote in corp matters.
August 19, 2024, Westminster, MA — Michael Mott has agreed to sell his four Ace Hardware stores in Pennsylvania to the Aubuchon Company, the oldest and largest family-owned group of hardware stores in America. The stores will continue to operate as “Ace Hardware.”
FORT WAYNE, IN, Nov. 22, 2024 – Do it Best announces the successful acquisition of True Value, a long-time competitor with a legacy brand that benefits both organizations. This monumental transaction represents a transformative milestone for Do it Best, True Value, and the entire independent hardware industry.
Ace Hardware is a cooperative of independent hardware stores. It is owned by its member stores, which are independently operated. Lowe's is a separate retail company specializing in home improvement and operates its own chain of stores.
Ace Hardware Corporation has reported third quarter 2024 revenues of $2.4 billion, which is an increase of $64.8 million, or 2.8 percent, from the third quarter of 2023. Net income was $99 million for the third quarter of 2024, a decrease of $31 million from the third quarter of 2023.
(WPTA) - Do it Best has finalized its purchase of True Value, the company announced Friday. Do it Best described True Value as "a long-time competitor with a legacy brand that benefits both organizations" and said the “monumental transaction” will be transformative for the hardware industry.
True Value will sell “substantially all” of its business operations to industry rival Do It Best Corp., a member-owned wholesaler that sells hardware, lumber and other goods to independent stores.
True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.