True Value filed for Chapter 11 bankruptcy on Monday and is seeking to sell the 75-year-old business to a rival — the latest hardware company to succumb to a weak housing market, the company said.Hardware and lumber wholesaler Do it Best is the stalking horse bidder and has agreed to pay $153 million in cash for the sinking company,
True Value has filed for Chapter 11 bankruptcy and is selling substantially all of its business operations to an industry rival, the company said on Monday.Like other hardware companies, True Value fell victim to a weak housing market, the company said in bankruptcy court filings. Recall of 10 million pounds of meat includes frozen dinners, salads sold to Trader Joe's, Kroger and Amazon FreshHome Depot and Lowe’s have also struggled to bounce back from a sales slowdown, while Big Lots and LL Flooring have filed for bankruptcy.Do it Best is a member-owned hardware and lumber wholesaler that sells building materials to independent stores. The Fort Wayne, Ind.