Iconic hardware wholesaler files for bankruptcy - with surprise twist in who it's selling to
Hardware wholesaler True Value filed for bankruptcy on Monday, seeking to sell its business to its closest rival, Do It Best, for $153 million. True Value, which has been around for 75 years and sells hardware, tools, lumber, plumbing and heating supplies, as well as other home improvement goods, said its retail stores are independently owned and not part of the bankruptcy process. Founded in 1948, True Value has said it will continue to supply products to its 4,500 locations.
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