
True Value, a 75-year-old American hardware institution, files for bankruptcy and sells out to competitor Do It Best, leaving conservatives questioning the state of our economy.
At a Glance
- True Value files for Chapter 11 bankruptcy with liabilities between $500 million and $1 billion
- Do It Best agrees to purchase True Value for $153 million, assuming $45 million in obligations
- True Value’s 4,500 independently-owned retail locations will continue operations as usual
- The sale is part of True Value’s efforts to modernize operations and invest in marketing
- If approved, the deal would create a global network of over 8,000 U.S. locations in 50 countries
Another American Institution Bites the Dust
Well, folks, it looks like we’ve got another victim of the Biden economy. True Value, that bastion of American DIY spirit, has thrown in the towel and filed for Chapter 11 bankruptcy. After 75 years of supplying hardworking Americans with the tools they need to build and maintain their piece of the American Dream, True Value is selling out to competitor Do It Best for a measly $153 million. Is this what we’ve come to? Iconic American businesses crumbling under the weight of government-induced inflation and economic mismanagement?
It’s a sad day when a company that’s weathered recessions, wars, and countless economic storms over seven and a half decades can’t survive the disastrous policies of the current administration. With liabilities between $500 million and $1 billion, True Value’s fall from grace is a stark reminder of the precarious state of our economy. But hey, at least we’re building back better, right? Oh, wait…
True Value, a 75-year-old hardware store brand, has declared bankruptcy and is selling itself to a hardware rival https://t.co/pJNwIG7rne
— CNN (@CNN) October 14, 2024
The Silver Lining… If You Can Call It That
Now, before you start nailing plywood over your windows in preparation for the hardware apocalypse, there’s a sliver of good news. True Value’s 4,500 independently-owned retail locations will continue to operate as usual. At least for now. It’s a small comfort, but it means your local True Value store isn’t going to vanish overnight. Still, one has to wonder how long these mom-and-pop operations can hold out in an economy that’s hellbent on crushing small businesses.
“After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future,” said Chris Kempa, True Value’s CEO
Oh, sure, Mr. Kempa. I’m sure those “strategic alternatives” included begging the government for a bailout like they hand out to their favorite green energy boondoggles. But I guess selling out to a competitor is the best way to “maximize value” these days. It’s not like we have an administration that actually supports American businesses or anything.
Do It Best: The Last Man Standing?
So, who’s the white knight in this hardware horror story? Do It Best, another hardware cooperative, is swooping in to “save” True Value. They’re offering $153 million in cash and taking on $45 million in contracts and obligations. It’s like watching one drowning man try to save another – noble, but probably futile in this economic climate.
“A successful acquisition of True Value assets would represent a strategic milestone for Do it Best and home improvement retailers around the world,” said Dan Starr, Do it Best president and CEO. “Do it Best has a proven track record of driving profitability through the most efficient operations in the industry. This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come.”
Well, Mr. Starr, I hope you’re right. Because if this deal goes through, we’re looking at a behemoth with over 8,000 U.S. locations and a presence in 50 countries. That’s a lot of hammers and nails. But in an era where the government seems determined to tear down every successful American business, I wouldn’t be ordering those “World’s Biggest Hardware Store” banners just yet.
As we watch yet another piece of Americana crumble, let’s remember that this is about more than just nuts and bolts. It’s about the erosion of the values that built this country – hard work, self-reliance, and the freedom to pursue the American Dream without government interference. Maybe it’s time we all took a page from the Do It Best playbook and started fixing this mess ourselves. Because clearly, waiting for Washington to do it isn’t working out so well.
True Value hardware store files bankruptcy, to be sold to Do it Best. How it affects Ohio https://t.co/PRaeDUJsiu
— Lancaster E-G (@EagleGazette) October 15, 2024