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The True Value Company, a leading hardware wholesaler, has initiated Chapter 11 bankruptcy proceedings and will sell a ...

A hardware company has decided to sell itself to a rival, but to facilitate the sale, it must declare Chapter 11 bankruptcy.

True Value retail stores, which are independently owned and operated, are not part of the bankruptcy, and the wholesaler said it will continue to supply products to those 4,500 locations.

True Value, which was founded in 1948, said it will continue providing independently owned retailers with products. "We believe that entering the process with an agreed offer from Do it Best ...