Wholesaler True Value in Bankruptcy to Sell Itself to Rival
- Do it Best is the stalking horse bidder, offered $153 million
- True Value has ‘faced significant liquidity challenges’
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Wholesaler True Value Co. filed for bankruptcy in Delaware on Monday as it seeks to sell its business to rival Do it Best Corp.
The Chicago-based home-improvement company will continue to operate under Chapter 11 protection with Do it Best providing a so-called stalking horse bid, meaning that it’s subject to better offers, should any materialize, according to a company statement. The bidder offered to pay $153 million in cash, according to the bankruptcy filing.