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 Hardware, the iconic hardware store we all grew up with, has just filed for Chapter 11 Bankruptcy. It’s happening time and time again. Companies are having to shut down locations, even entire companies,

True Value, a 76-year-old hardware store headquartered in Chicago, revealed Monday it filed for bankruptcy and sell its operations.

Hardware wholesaler True Value Company LLC filed for bankruptcy on Monday, seeking to sell its business to rival Do It Best for $153 million.