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 in a news release it will continue its day-to-day operations serving 4,500 independently owned retailers while going through the voluntary Chapter 11 proceedings.