True Worth has filed for chapter and plans to promote its operations although shops will stay open in the course of the Chapter 11 course of.
The ironmongery store chain entered into an settlement to promote considerably the entire firm’s enterprise operations to dwelling enchancment business peer Do it Greatest in accordance with a press launch.
“After an intensive analysis of strategic options, we decided that the sale of our enterprise was the trail ahead to maximise worth and finest serve our retail companions and different stakeholders into the longer term,” True Worth CEO Chris Kempa stated within the launch.
The model expects completion of the sale course of by yr finish.
“A profitable acquisition of True Worth property would symbolize a strategic milestone for Do it Greatest and residential enchancment retailers world wide,” Dan Starr, Do it Greatest president and CEO, stated within the launch. “Do it Greatest has a confirmed observe report of driving profitability by way of essentially the most environment friendly operations within the business. This acquisition, if consummated, would offer True Worth and unbiased {hardware} shops the strongest alternatives for progress for years to return.”
