A hardware store chain is about to file bankruptcy, but as it’s bought out by a competing chain formerly with a location in Galesburg but also one in Monmouth.
Chicago-based True Value Hardware Stores is filing Chapter 11, at the same time it says it will be bought out by Do-It Best.
The bankruptcy along with the sale, True Value CEO Chris Kempa says, was the best path forward and will continue to serve 4,500 stores independently owned and operated.
“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 Kempa, in a news release. “We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value.”
Only one store is actually owned by True Value, and it’s in the Chicago suburb of Palatine.
A long-operated True Value store used to be in the nearby city of Galva. People’s Do-It Center still operates in Monmouth, but the Galesburg store closed a couple years ago, aside from an equipment rental facility.
The sale is expected to be finalized by the end of the year, with the True Value brand remaining in tact.
