Iconic 75-Year-Old Hardware Chain Files for Bankruptcy: What It Means for Louisiana Stores
Louisiana businesses, large and small, have struggled this past year. It seems we are reporting that another company was forced to file for bankruptcy every week, if not daily.
National chains like Bed Bath and Beyond, Party City, and Big Lots, all filed for bankruptcy and have gone out of business. On Monday we reported that Dirt Cheap announced they would be closing their stores in Louisiana and nationwide.
Mississippi-based discount retailer Dirt Cheap has filed for bankruptcy protection and announced plans to close all of its locations in Louisiana.
Read More: Popular Bargain Store to Close All 9 Louisiana Locations
Unfortunately another national chain has announced they are filing for bankruptcy on Monday.
True Value Announces Bankruptcy After 75 Years
True Value has a network of 4,500 independently owned and operated stores internationally.
The home improvement store True Value, announced in a press release that they filed for a voluntary Chapter 11 Bankrupcy.
At this time the company "will continue day-to-day operations serving 4,500 independently owned retailers that rely on True Value for the right products, trusted expertise, and its 75-year-old iconic brand".
However, after reevaluating their business model and determining that the housing crisis and cost of living have affected how consumers are shopping they decided to sell their company to their competitor, 'Do It Best'.
"We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step for True Value and our associates, customers, and vendor partners. We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value."
Will True Value Close Any Louisiana Stores?
At this time, they are not planning on closing any stores in Louisiana since they are all independently owned. However, some changes are expected, and they will be converted into 'Do It Best' stores in the upcoming year since they purchased the True Value brand unless they receive a higher bid.
Louisiana True Value Locations:
- Snyder True Value Hardware
- Address: 1522 Centre St, Alexandria, LA 71301
- Phone: (318) 443-6396
- Hebert True Value Hardware
- Address: 4717 Common St, Lake Charles, LA 70607
- Phone: (337) 477-3471
- Plaquemine True Value
- Address: 58330 Belleview Dr, Plaquemine, LA 70764
- Phone: (225) 687-3553
- Breaux's True Value
- Address: 618 S Main St, Church Point, LA 70525
- Phone: (337) 684-3772
- Garden True Value Hardware
- Address: 3845 Florida Ave, Kenner, LA 70065
- Phone: (504) 468-6158
LOOK: 50 Beloved Retail Chains That No Longer Exist
Gallery Credit: Madison Troyer