True Value's headquarters building in Chicago.

The move involves filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. True Value will continue its daily operations, serving 4,500 retailers. True Value stores are independently owned and are not part of the Chapter 11 process – with the exception of one company-owned store in Palatine, Illinois.

“After a thorough evaluation of strategic alternatives, we have determined that selling our business is the right path to maximize value and best serve our retail partners and other stakeholders moving forward,” said Chris Kempa, CEO of True Value . “We believe that starting the process with an agreed offer from Do it Best, which has a similar decades-long experience in the home improvement sector and also focuses on supporting members and helping them grow, is the most beneficial next step for True Value and our employees, customers and supplier partners We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value.”

Chicago-based True Value aims to complete the sales process by the end of the year.