**True Value Files for Chapter 11 Bankruptcy, Announces Sale Agreement with Do It Best**

True Value, a prominent name in the home improvement sector, has announced a significant turn of events as it filed for Chapter 11 bankruptcy on Monday morning and entered a sale agreement with Do It Best. The Chicago-based company is facing substantial financial difficulties, with liabilities ranging between $500 million and $1 billion to over 1,000 creditors, while its assets are estimated to be between $100 million and $500 million.

True Value has a robust international presence with over 4,500 independently owned and operated stores. Despite the bankruptcy proceedings, the company has sought court approval to continue its customer-centric programs such as the Direct Ship Program, Rebate Program, Warranties Program, Rewards and Loyalty programs, and gift card programs.

"We believe that entering the process with an agreed offer from Do It Best, who 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," said Chris Kempa, CEO of True Value, in a statement. "We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value."

As part of the Chapter 11 filing, Do It Best will become the lead bidder, or "stalking horse" bidder, presenting an initial offer of $153 million in cash and the assumption of certain liabilities. This sets the minimum bid, and if no higher offers emerge, Do It Best will acquire True Value.

Dan Starr, President and CEO of Do It Best, commented, "This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come."

True Value has secured over $15 million in funding to sustain its operations throughout the bidding process, which is anticipated to conclude by the end of the year.

This announcement follows closely on the heels of Do It Best’s approval of a merger with United Hardware, a Midwest-based wholesaler known for its "Hardware Hank" brand, which continues to operate more than 700 independent locations following the merger.

Based in Fort Wayne, Indiana, Do It Best is a member-owned home improvement cooperative with nearly $5 billion in annual sales, serving thousands of member-owned locations across the United States and more than 50 other countries.