Hardware wholesaler True Value has filed for Chapter 11 bankruptcy amid plans to sell its business to its home improvement rival Do It Best. True Value, based in Chicago, said in a Monday press release that all of its 4,

The True Value Company, a leading hardware wholesaler, has initiated Chapter 11 bankruptcy proceedings and will sell a substantial portion of its business operations to home improvement industry peer

True Value said it has filed motions with the bankruptcy court to continue paying wages and benefits to its employees, as well as offer support programs for customers. The company aims to complete its sale to Do it Best by year-end. True Value serves more than 4,500 stores worldwide with total retail sales of $10 billion, according to the company.