### True Value Files for Chapter 11 Bankruptcy, Plans Sale to Competitor

A long-established hardware wholesaler in Massachusetts, True Value, has filed for Chapter 11 bankruptcy. The company, which operates numerous stores across the state, announced plans on Monday to divest all its business operations to a key competitor in the home improvement sector.

True Value initiated the voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. The proceedings are aimed at facilitating the sale of the company's operations to Do it Best Corp, as detailed in a company news release. Despite the bankruptcy filing, True Value will continue to support its 4,500 independently owned retailers, including 40 located 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," said Chris Kempa, Chief Executive Officer of True Value, in a statement. He added that partnering with Do it Best, a company with a similar long-standing history in the home improvement industry, would benefit True Value's associates, customers, and vendor partners.

Notably, the independently owned stores operating under the True Value brand are not affected by the Chapter 11 proceedings. The company aims to finalize the sale process by the end of the year.