Hardware Retailing The Industry's Source for Insights and Information
With the entire industry reacting to the recent news of True Value Company’s bankruptcy filing and Do it Best’s bid to acquire the company, the team at the North American Hardware and Paint Association (NHPA) continues to receive numerous inquiries about the impact of these developments.
While there is much about this situation that is yet to be determined, as an advocate for all independent retailers, NHPA continues to look for ways the association can help throughout this process.
First off, a large portion of the 4,500 retailers that True Value counts as its customers also utilize NHPA education and training resources through the association’s group membership with the company.
Retailers rely on access to this education and training to onboard new employees, provide opportunities for growth to existing employees and utilize this information to make their operations more competitive and efficient.
Regardless of what transpires in the coming days, NHPA has made the commitment that all True Value retailers will continue to have ongoing access to these education and training resources throughout the balance of the bankruptcy process, either through their current means of access or through NHPA directly.
“Our mission is to help independent retailers of all wholesale affiliations to run better and more profitable operations,” says Bob Cutter, NHPA president and CEO. “Retailers are already dealing with a lot of uncertainty around this situation, and we think it is important for the association to continue to support them in their day-to-day operations, without interruption of services.”
Along with the reassurance that True Value retailers will continue to have access to their NHPA education and training resources, the association is also seeking to help clarify exactly what this situation means to local True Value retailers.
“While everyone in the industry clearly understands the relationship between True Value as a supplier and the independently owned stores that carry the True Value banner, this distinction is not as clear to the average consumer,” says Cutter. “As these recent developments have received attention from national media outlets, we don’t want there to be any confusion among consumers that their local True Value retailer is filing for bankruptcy or going out of business.”
To help clarify this situation, NHPA has prepared a press release template that is available for True Value retailers to download and use with local media or customers who might inquire about the impact this bankruptcy might have on their local provider.
Retailers can download the release and insert their own custom information like store name and quotes from management and then use the document at their discretion.
“This industry is constantly evolving, and this latest change is just another evolution for the channel,” Cutter says. “We want all of the retailers we represent to know that your association will be there for you and provide assistance and insights to you that help fulfill our mission and help them navigate whatever the market may bring.”
If you have any questions, want to express your feelings about the current situation or have ideas about how NHPA can help, please feel free to reach out directly to the association at NHPA@YourNHPA.org.
