Long-time hardware retailer True Value announced Monday it has filed for Chapter 11 bankruptcy and is entertaining a bid to sell its assets to competitor Do it Best.

True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.

True Value said it has filed motions with the bankruptcy court to continue paying wages and benefits to its employees, as well as offer support programs for customers. The company aims to complete its sale to Do it Best by year-end. True Value serves more than 4,500 stores worldwide with total retail sales of $10 billion, according to the company.

True Value Co. filed for bankruptcy in Delaware on Monday as it seeks to sell its business to rival Do it Best Corp.

A well-known 75-year-old home improvement company entered into a sale agreement early Monday morning after filing for Chapter 11 bankruptcy. True Value filed for Chapter 11 bankruptcy and has agreed to enter into a sale agreement with Do It Best.

The hardware wholesaler said it will continue its day-to-day operations serving 4,500 independently owned retailers during the bankruptcy process. Those stores are not part of the Chapter 11 proceedings with the exception of one company-owned location.

True Value, a 75-year-old hardware retail brand, has filed for bankruptcy and plans to sell itself to an industry rival Do it Best Corp.

True Value, a 76-year-old hardware store headquartered in Chicago, revealed Monday it filed for bankruptcy and sell its operations.

True Value, a national hardware retailer whose roots go back more than 70 years, said Monday that it has declared bankruptcy and will sell itself to a competitor. The Chicago-based company filed for Chapter 11 protection from its debts in the U.

Hardware wholesaler True Value Company LLC filed for bankruptcy on Monday, seeking to sell its business to rival Do It Best for $153 million.