Editing True Value (section)

== History ==
[[File:True Value Wethersfield, CT (27397618703).jpg|thumb|left|A True Value outlet in [[Wethersfield, Connecticut]]]]
True Value Company was originally composed of four hardware cooperatives and a hardware wholesaler: American Hardware & Supply (ServiStar), Coast to Coast Corporation, Cotter & Company (True Value), and Hibbard Spencer Bartlett & Company.
[[File:A worker enters a lumberyard in New Dorp, Staten Island.JPG|250px|right|thumb|A worker enters a True Value lumberyard in [[New Dorp, Staten Island|New Dorp]], [[Staten Island]], [[New York City]], [[New York (U.S. state)|New York]]. The lumberyard shut down in 2009.]] Cotter & Company was established in 1948 by John Cotter with 12 original member stores. The cooperative grew in membership and, in 1962, Cotter & Company purchased the assets of Hibbard Spencer Bartlett & Company (formerly led by [[Adolphus C. Bartlett]]) for {{US$|2.5 million|link=yes}}, acquiring the True Value trademark for $2500 as part of the acquisition. ServiStar Hardware (formerly American Hardware Supply) had previously purchased Coast to Coast Hardware and had renamed itself to Servistar & Coast to Coast Hardware.  Their hardware stores were operating under either ServiStar or Coast to Coast retail identities. In 1997, they merged with Cotter & Company to form TruServ Corporation.<ref name="trib1">{{Cite web |last=staff|date=1996-12-11 |title=TRUE VALUE PARENT, SERVISTAR TO MERGE |url=https://www.chicagotribune.com/1996/12/11/true-value-parent-servistar-to-merge/ |access-date=2024-03-14 |website=Chicago Tribune |language=en-US}}</ref>

During a 1999 audit, accounting irregularities of about $100 million were discovered originating from pre-merger Cotter & Company, leading to a $131 million loss that year causing the value of TruServ stock to plummet. During this period (1999–2001), a number of hardware stores chose to leave TruServ to join competing hardware cooperatives including [[Ace Hardware]] and Do It Best. TruServ Corporation brought in new management, eliminated the ServiStar and Coast to Coast brand names, and streamlined operations by closing many of the regional distribution centers. In 2006, TruServ Corporation was renamed True Value Company.

In July 2017, True Value was offered for sale, and competitor Ace Hardware expressed interest in purchasing it.<ref name="DuVall">{{cite news |last1=DuVall |first1=Eric |title=Ace Hardware interested in buying competitor True Value - UPI.com |url=https://www.upi.com/Top_News/US/2017/07/13/Ace-Hardware-interested-in-buying-competitor-True-Value/4391499986382/ |access-date=17 October 2024 |work=UPI |date=13 July 2017 |language=en}}</ref> Eventually, in 2018, international private equity investment firm, ACON, purchased True Value.<ref name=":0" />

In 2019, True Value announced a new 1.4 million square foot facility, set to open that fall in Hanover Township, [[Pennsylvania]], intended to service approximately 1,000 stores. Along with the new distribution center True Value also adopted the [[Spoke–hub distribution paradigm|"hub-and-spoke" model]].<ref name="Smith">{{Cite news|url=https://www.wsj.com/articles/true-value-retools-hardware-supply-chain-11563300888|title=True Value Retools Hardware Supply Chain|first=Jennifer|last=Smith|newspaper=Wall Street Journal|date=July 16, 2019|access-date=August 11, 2019}}</ref>

On November 1, 2022, True Value acquired the [[Agway]] Trademark from Agway Farm & Home Supply.<ref name="Chen">{{cite news |last1=Chen |first1=I Chun |title=True Value buys Agway brand to expand in farm products |url=https://www.bizjournals.com/chicago/news/2022/11/01/true-value-buys-agway-brand.html |access-date=17 October 2024 |work=Chicago Business Journal |date=1 November 2022}}</ref>

On October 14, 2024, True Value filed for [[Chapter 11 bankruptcy]] protection as it continued to face liquidity challenges caused by inflation and rising interest rates. The company agreed to sell itself to competitor [[Do It Best]] for $153 million.<ref name ="Casiraghi">{{Cite web|url=https://www.bloomberg.com/news/articles/2024-10-14/wholesaler-true-value-files-bankruptcy-to-sell-itself-to-rival|title=Wholesaler True Value in Bankruptcy to Sell Itself to Rival|last=Casiraghi|first=Luca|date=October 14, 2024|access-date=October 14, 2024|website=Bloomberg|language=en}}</ref> The purchase was completed in November 2024.