"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 chief executive officer.
"We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step for True Value and our associates, customers, and vendor partners," Kempa added.
"True Value joins the rapidly growing number of home improvement stores that are struggling amid inflation and a challenging housing market. That list includes Home Depot, Big Lots, and LL Flooring, which recently shuttered."
"A successful acquisition of True Value assets would represent a strategic milestone for Do it Best," explained Dan Starr, Do it Best president and chief executive officer.
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