Another one bites the dust: Hardware chain in NJ files for bankruptcy
🚩 A hardware chain plans to sell the business to an industry peer
🚩 New Jersey has at least 40 locations
🚩 The sale should occur by the end of 2024
A hardware wholesaler with dozens of locations in New Jersey is selling the business to an industry rival.
True Value Company, based in Chicago, announced on Monday that the sale is happening as part of a Chapter 11 bankruptcy filing by the company.
All of the 75-year-old company's business operations are being sold to Do It Best Corp.
"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.
According to the Monday announcement, day-to-day operations will continue at the thousands of independently owned shops throughout the country. In other words, New Jersey locations aren't closing.
Under the agreement, Do It Best is considered a "stalking horse" bidder, meaning others offers are still being considered by True Value.
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"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.
True Value wants the sale process to be complete by the end of 2024.
According to a map on True Value's website, at least 40 locations in New Jersey are still up and running:
⚫ Atlantic Highlands (117 First Ave.)
⚫ Audubon (106 Chestnut St.)
⚫ Belmar (914 Main St.)
⚫ Bloomfield (668 Bloomfield Ave.)
⚫ Cape May Court House (11 Courthouse South Dennis Rd.)
⚫ Chatham (20 Watchung Ave.)
⚫ Closter (206-212 Main St.-Closter Dock Rd.)
⚫ Edison (9 Old Post Rd.)
⚫ Elmer (Elmer & Center St.)
⚫ Ewing (16 W. Upper Ferry Rd.)
⚫ Fair Haven (752 River Rd.)
⚫ Haskell (1434 Ringwood Ave.)
⚫ Hoboken (200 Clinton St.)
⚫ Margate City (7 S. Essex Ave.)
⚫ Marlton (230 North Maple Ave.)
⚫ Marmora (29 S. Shore Rd.)
⚫ Millburn (320 Millburn Ave.)
⚫ Moorestown (300 Mill St.)
⚫ Newark (186 Verona Ave.)
⚫ North Cape May (3845 Bayshore Rd.)
⚫ Nutley (180 Washington Ave.)
⚫ Ocean City (750 Asbury Ave. & 751 West Ave.)
⚫ Ocean City (1200 West Ave.)
⚫ Ocean Grove (51 Main Ave.)
⚫ Ocean View (2489 Route 9)
⚫ Paterson (392 Union Ave.)
⚫ Pine Hill (900 Erial Rd.)
⚫ Pompton Lakes (284 Wanaque Ave.)
⚫ Quinton (Route 49 & Cottage Ave.)
⚫ Ramsey (14 East Main St.)
⚫ Sergeantsville (735 Route 523)
⚫ Skillman (1325 Route 206)
⚫ Somers Point (515 New Rd.)
⚫ Summit (107 Park Ave.)
⚫ Tenafly (121 N. Summit Ave.)
⚫ Union City (2306 Bergenville Ave.)
⚫ Upper Montclair (251 Park St.)
⚫ Vineland (2323 S. Main Rd.)
⚫ Voorhees (508 Haddonfield Berlin Rd.)
⚫ Woodstown (50 E. Grant St.)
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