>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.
>
>In a press release, True Value said it will continue day-to-day operations
>of selling hardware and other homeware tools to its 4,500 independently
>operated locations during the Chapter 11 process, which includes a $153
>million stalking horse bid from rival company Do it Best.
>
>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. Bigger rivals like Home
>Depot and Lowe�s have also been in a yearslong slump since the pandemic
>boom, but they remain in a significantly stronger financial situation than
>True Value.
>
>Still, a number of other chains have voiced similar problems that also
>tipped them into bankruptcy, including Big Lots and LL Flooring.
>
>�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
>True Value CEO Chris Kempa in a release.
>
>Do it Best is a member-owned wholesaler that sells hardware, lumber and
>other home goods to independent stores.
>
>�Do it Best has a proven track record of driving profitability through the
>most efficient operations in the industry,� said Do it Best CEO Dan Starr
>in a statement. �This acquisition, if consummated, would provide True
>Value and independent hardware stores the strongest opportunities for
>growth for years to come.�
>
>The transaction with Do it Best is expected to close by the end of the
>year, unless there�s better offers.
>
>For more CNN news and newsletters create an account at CNN.com
>
>https://finance.yahoo.com/news/true-value-declares-bankruptcy-sells-
>174128698.html
>

Another capitalist failure. Why didn't stupid TruValue hire executives who
were capitalists? The entire economy has failed because all the top
executives in this country are anticapitalist Communist dirtbags. Harris
gave the order yesterday. Did you know that she and Biden were behind all
9 of Trump's bankrupcies too!

Trump hasn't forgotten and he was crying about it to the women last night.