Hardware Chain Files For Bankruptcy: What It Means For Consumers And New Jersey Stores

A well-known hardware chain around for 75 years has filed for bankruptcy and is planning to sell its business to another hardware company.

Several big closings have been in the news recently, including LL Flooring, formally known as Lumber Liquidators, which has filed for bankruptcy, and discount retailer Big Lots closing several locations in New Jersey.

Now another store is having financial trouble.

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The latest company to file for bankruptcy is True Value.

True Value is planning to sell its business to Do it Best, which according to reports has offered to pay nearly $153 million to buy the business.

However, the company remains open to better offers, according to USA Today.

All 4,500 True Value stores, which are independently owned, will remain open during the bankruptcy process.

Read More: Why Every New Jersey Walmart Is Closing For 24 Hours

USA Today reports, "True Value, like many other retailers, has grappled with declining sales amid rising prices and a downturn in consumer spending."

According to True Value's websites, here are the New Jersey locations.

True Value Store Locations in New Jersey