Iconic 75-Year-Old Hardware Chain Files for Bankruptcy: What It Means for Texas Stores

Texas businesses, large and small, have struggled this past year. It seems we are reporting that another company was forced to file for bankruptcy every week, if not daily.

Get our free mobile app

National chains like Bed Bath and Beyond, Party City, and Big Lots, all filed for bankruptcy and have gone out of business. On Monday we reported that Dirt Cheap announced they would be closing their stores in Texas and nationwide.

Read More: Popular Bargain Retailer to Close All Remaining Texas Stores 

Unfortunately, another national chain has announced that it will be filing for bankruptcy on Monday.

True Value Announces Bankruptcy After 75 Years

True Value has a network of 4,500 independently owned and operated stores internationally.

The home improvement store True Value, announced in a press release that they filed for a voluntary Chapter 11 Bankrupcy.

At this time the company "will continue day-to-day operations serving 4,500 independently owned retailers that rely on True Value for the right products, trusted expertise, and its 75-year-old iconic brand".

However, after reevaluating their business model and determining that the housing crisis and cost of living have affected how consumers are shopping they decided to sell their company to their competitor, 'Do It Best'.

"We believe that entering the process with an agreed offer from Do it Best, which 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. We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value."

Will True Value Close Any Texas Stores?

At this time, they are not planning on closing any stores in Texas since they are all independently owned. However, some changes are expected, and they will be converted into 'Do It Best' stores in the upcoming year since they purchased the True Value brand unless they receive a higher bid.

Texas True Value Locations:

1. Daugherty True Value Hardware
   • Address: 200 N Elm St, Waxahachie, TX 75165
   • Phone: (972) 937-2661
2. Texarkana True Value
   • Address: 2500 New Boston Rd, Texarkana, TX 75501
   • Phone: (903) 792-0261
3. Tatum True Value
   • Address: 100 E Johnson St, Tatum, TX 75691
   • Phone: (903) 947-2215
4. Richland True Value Hardware
   • Address: 1123 Commerce Dr, Richland Hills, TX 76118
   • Phone: (817) 589-2593
5. Harlingen True Value
   • Address: 212 W Jackson St, Harlingen, TX 78550
   • Phone: (956) 423-2321