Do it Best and True Value Move Forward Together

Lindsey Thompson February 18, 2025 Industry News

In just a few weeks, Do it Best will host the first ever Do it Best and True Value Spring Market, welcoming existing Do it Best member-owners and True Value retailers to join together as the new company looks toward the future.

It has been almost three months since the sale of True Value’s assets and operations to Do it Best, and in the days since, Hardware Retailing has been keeping a pulse on the latest news and connecting with retailers to gain their insights as everyone moves forward together.

Supply chain and vendor relations have been concerns for retailers on both sides since True Value filed for Chapter 11 bankruptcy in October 2024.

Bradley Carson, owner of J-Town Hardware and Rental in Jeffersontown, Kentucky, says he has been a True Value retailer for over 10 years and has been involved with a few mergers.

“I know that merging two companies is a huge task, usually painful for all involved,” Carson says. “But if it’s successful, the merger will create one of the largest hardware suppliers in the world. With that brings better pricing, services and programs, which is exciting to be on the ground floor of. Helping build something the industry has not seen before or in a long while is exciting to me.”

Samantha Post, marketing manager of T&M Hardware & Rental in Pennsylvania, says her operation was initially watching for potential product shortages. The operation, which is a Do it Best member, has six locations in the Pittsburgh, Pennsylvania, area and directly competes with True Value stores in those communities, which she noticed have not been well stocked.

“There were some initial concerns about whether we would be shorted on products as they worked to get the True Value warehouses and stores stocked backed up,” Post says. “If there was some shifting in resources to make that happen, we didn’t notice it on our end.”

Post says the updates to infrastructure that Do it Best promised were not delayed, despite the huge, and likely somewhat unexpected, undertaking of purchasing True Value.

“The biggest reason most members have stayed with Do it Best as their partner in hardware is their stability,” Post says. “So I’m putting my faith in that stability to continue to allow Do it Best members to do business as usual while lending that strength to the True Value retailers.”

Family Hardware owner and Do it Best member Jeremy Peterson says he has more optimism than concern and is looking forward to the purchasing power of the two companies.

“The numbers and the concept make sense. As long as they can execute properly, I think it’ll be a home run for both True Value and Do it Best stores,” Peterson says. “On a macro level, I’m excited most about gaining the additional purchasing power with Do it Best’s operational efficiency. I believe it should eventually lead to a great return for members. On a micro level, I’m looking forward to the prospects of an increased product catalog and the True Value paint line is very intriguing.”

Kyle Riddle, store manager of Redbud True Value in Lubbock, Texas, says he was initially concerned about the future of the EasyCare paint line as his store sells a large volume of paint, but Do it Best and the new True Value leadership team have put those concerns to rest.

“I am excited about what’s ahead for all of us with True Value and Do it Best coming together,” Riddle says. “It will give my store even more access to a wider selection of great brand products, which will only help us serve our customer base even better. It will open up more avenues, which will be a win for everyone involved.”

Franklin Cloninger, general manager at Triangle True Value Hardware in Greenwood, South Carolina, is looking forward to the breadth of lumber and building materials products and knowledge that Do it Best offers members.

“I think that experience in LBM will positively impact our business,” Cloninger says. “I have been told over and over that doing business with Do it Best is like doing business with the ‘old True Value’ where relationships are built and valued. We are looking forward to this aspect of doing business with Do it Best.”

Customers at Triangle True Value Hardware have come to rely on the store for private label goods, Cloninger says, and he wants to see continued availability of those goods in the future.

“We still have a lot of questions regarding the private label goods from True Value and how they fit into Do it Best’s plans going forward,” Cloninger says. “Additionally, we want to see how the True Value brand will be utilized by Do it Best going forward.”

A Legacy Brand

Like Cloninger, True Value retailers and the industry continue to question what will happen to the True Value brand.

In a series of town hall videos released in December 2024, Do it Best CEO Dan Starr addressed the future of the True Value brand. Starr says they envision continuing to build on the True Value brand that exists and stabilizing the brand on the marketing front.

“The True Value brand was one of the real assets in this purchase. It’s something that Do it Best acquired, not with any plan to get rid of it but to help it grow and thrive,” Starr says. “The brand has amazing recognition across the country but we believe it’s been somewhat neglected or underinvested.”

Starr says he is excited about being able to invest in the True Value brand and build it back to what it used to be.

“We believe that over time we’re going to be able to invest in it in the right way and build it back to one of the strongest brands in retail hardware,” he says. “It is a long-term effort to build and sustain an excellent retail brand. It’s going to require time and investment, and I see that as a critical long term objective.”

Dalton Meny, director of operations for Meny’s True Value, which has three locations in southern Indiana, says he thinks Do it Best leadership could be a good fit for their business and hopes the True Value brand will continue.

“Our customers recognize the True Value brand in our community,” Meny says. “There is also a sentimental aspect to it, as our family has been with True Value for 60 years. If the brand is going to stay around, we would like to stay with it.”

Stronger Together

Planning for its largest Spring Market ever, Do it Best will bring together Do it Best and True Value on March 21-23 in Orlando, Florida, under the theme “Bigger. Stronger. Faster.”

According to Do it Best, the Spring Market will include more vendors and bigger deals than ever and provide the opportunity for Do it Best member-owners and True Value retailers to network and share best practices.

All attendees will be invited to a special evening celebration at Universal Studios. The Spring Market will also include a special welcome reception for True Value retailers on the evening of March 20, designed to familiarize them with the market experience and provide all the tools they need to maximize their participation.

While Post will not personally be attending the Spring Market, she says she would not expect anything different from other markets other than welcoming True Value members, addressing the acquisition and offering insights for the road ahead.

“I think it will be an opportunity to reconnect with True Value members who we’ve met at industry functions and have necessary conversations we all need to have with each other about our respective perspectives of this acquisition so that we can all figure out how to position our businesses for continued growth,” Post says. “True Value retailers deserve an opportunity to connect with the vendors and take advantage of show specials to have a successful spring selling season. I think this market will help all of us, vendors included, figure out what this all looks like moving forward.”

During one of the town halls, a retailer asked whether any True Value retailers could be put on the Do it Best board of directors to protect the best interests of both parties. Starr says they have looked into the possibility of that occurring in the future, but the current bylaws state that the board of directors can only include member-owners of the co-op.

“But there is a path to getting that done, and I really want to find some True Value retailers who are members of the co-op,” Starr says “I then want to include that as part of the evaluation for board inclusion, because I do think it makes a ton of sense for us to have representation from everybody.”

Despite the challenges still ahead, True Value of Rock Hill owner Jay Simpson is overall optimistic about the future and working with a hardware supplier company as opposed to an investment company like ACON.

“Do it Best should understand and pay closer attention to day-to-day operations. Hopefully this will include better communication, better fill rates, better marketing and better vendor relations,” Simpson says. “As long as Do it Best fulfills their end of supplying products, we will fulfill our end of maintaining loyal customers.”

Dave Ables—who owns Three Sons Hardware, part of the True Value brand, and Tri-County Lumber, part of Do it Best—says even though there have been some snags in product sourcing and in other areas, communication has been excellent.

“We are more confident than we have been since joining the old True Value co-op back in 2013, a co-op we loved and trusted until its breakup in 2018,” Ables says. “We would like to see one large cooperative with Do it Best, True Value and Hardware Hank as branding options.”

True Value president Dent Johnson says his team has launched a 2025 rebate plan that includes the ability for True Value retailers to continue to earn rebates for 2025 purchases, along with an opportunity to recover what was lost in 2024 from the bankruptcy with continued business with Do it Best.

RJ and Helen McDaniel, owners of B&B Hardware, say they appreciate that Do it Best has addressed annual rebates and feel there are many positive aspects to the acquisition.

“We are hopeful with a larger network we will have stronger buying power and improved operations,” Helen says. “Do it Best semi-annual markets may attract more vendors, which would be great. RJ and I both hope many of these True Value stores stay with Do it Best and we can have a stronger buy local and support small movement within the country.”

Starr reiterates that Do it Best is ready to listen and do what’s best for all parties involved.

“True Value retailers have told us they want us to listen to them, which I think is not a hard ask. We should be able to listen, be transparent and be honest. Those to me are table stakes and are critical to rebuilding trust with True Value retailers,” Starr says. “If you go back 20 years, I think the culture of True Value was exactly the way Do it Best operates. It’s a culture of trust, transparency and working for the owners, and I want to bring that back and earn that trust from True Value retailers as well.”

True Value Bankruptcy Case Updates

As part of the ongoing bankruptcy legal proceedings, the legacy True Value estate filed a joint Chapter 11 plan on Jan. 21 with the U.S. Bankruptcy Court for the District of Delaware, which outlines how they will reorganize their debts and pay creditors, allowing them to continue operating instead of liquidating their assets like in a Chapter 7 bankruptcy. That same day, True Value also filed its Chapter 11 disclosure statement, which describes the plan and its provisions and provides certain information to creditors who have the right to vote on the plan so they can make informed decisions in doing so.

Amended versions of the Chapter 11 plan and Chapter 11 disclosure statement were filed on Feb. 7. Second amended versions of both the Chapter 11 plan and disclosure statement were then filed on Feb. 12. The Combined Confirmation Hearing to approve the plan and disclosure state is scheduled for March 27, with a deadline for applicable parties to vote on the plan set for March 17.

On Jan. 28, True Value also filed a motion to extend the exclusive filing period and exclusive solicitation period.

Currently, the exclusive filing period ended on Feb. 11, and the exclusive solution period has an end date of April 14. True Value is asking for the exclusive filing period to move to May 12, and the exclusive solicitation period to move to July 14. In the filing, True Value stated they have “devoted a significant amount of time and effort to preserving and maximizing the value of the debtors’ estates for the benefit of all stakeholders and have commenced a robust sale process to sell the assets of the company.”

Other causes stated for the extension include working with various parties to find solutions to concerns, performing all bankruptcy obligations to date, showing good faith and paying debts as they come due. The size and complexity of the case is another major cause stated in the filing.

That motion was granted on Feb. 6.

A Timeline of the True Value Sale to Do it Best

Aug. 10, 2024 — Do it Best CEO Dan Starr receives an email with a proposal for assets for sale of an unnamed company
Oct. 14, 2024 — True Value files for Chapter 11 bankruptcy
Oct. 14, 2024 — Do it Best requests stalking horse designation
Oct. 16, 2024 — PNC Bank and a consortium of other lenders object to sale to Do it Best
Oct. 16, 2024 — True Value regional distribution centers (RDCs) start receiving Worker Adjustment and Retraining Notification Act (WARN) notices, alerting of potential closure
Oct. 18, 2024 — The U.S. Bankruptcy Court for the District of Delaware issues an Interim Order giving True Value permission to use cash collateral from its lenders to pursue continued business operations and sale to Do it Best
Oct. 23, 2024 — In an emergency discovery conference, Judge Karen Owens states her concerns about whether True Value has been providing “adequate protection to the lenders” throughout the process
Oct. 31, 2024 — True Value and secured lenders reach agreement to avoid the liquidation of True Value
Nov. 1, 2024 — True Value closes the Denver distribution center
Nov. 8, 2024 — Bids for True Value assets close
Nov. 4, 2024 — True Value suspends drop-ship program
Nov. 12, 2024 — Sale motion approved
Nov. 22, 2024 — Sale of True Value to Do it Best closes
Nov. 24, 2024 — Creditors meeting held to address questions and concerns
Mid-December 2024 —True Value drop-ship program resumes
Dec. 31, 2024 — True Value closes the Manchester, New Hampshire distribution center

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