The True Value Company is an American wholesaler and Hardware store brand. The corporate headquarters are located in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

. Historically True Value was a

cooperative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomy, autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned a ...

owned by retailers, but in 2018 it was purchased by ACON Investments. In October 2024, True Value filed for bankruptcy and competitor

Do It Best Do it Best Corp., formerly known as Hardware Wholesalers, Inc. (HWI), is a member-owned hardware, lumber, and building materials cooperative based in Fort Wayne, Indiana. Do it Best Corp. is the second-largest co-op in the industry with over $6 ...

agreed to purchase the company. The purchase was completed in November 2024. The independent retailers True Value supplied, branded as "True Value", are not part of the bankruptcy and will continue operating.

History

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. 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 , 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. 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 Ace Hardware Corporation is an American hardware retailers' cooperative based in Oak Brook, Illinois, United States. It is the largest non-grocery retail cooperative in the United States. Founded on October 25, 1924, as "Ace Stores", the co ...

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. Eventually, in 2018, international private equity investment firm, ACON, purchased True Value. In 2019, True Value announced a new 1.4 million square foot facility, set to open that fall in Hanover Township,

Pennsylvania Pennsylvania, officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions o ...

, intended to service approximately 1,000 stores. Along with the new distribution center True Value also adopted the "hub-and-spoke" model. On November 1, 2022, True Value acquired the Agway Trademark from Agway Farm & Home Supply. On October 14, 2024, True Value filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

protection as it continued to face liquidity challenges caused by inflation and rising interest rates. The company agreed to sell itself to competitor

for $153 million. The purchase was completed in November 2024.

House brands

True Value's house brands, including ''Green Thumb'' (gardening), ''Master Electrician'' (electrical supplies), ''Master Plumber'' (plumbing supplies), ''HomePointe'' (cleaning supplies and bath fixtures), ''Master Painter'' (painting supplies), ''Tru Guard'' (electrical safety goods and lock sets), ''Pet Expert'' (collars and pet kennels), ''Holiday Wonderland'' (holiday decor) and ''Master Mechanic'' (tools), are manufactured by many different suppliers to company specifications. Early tool offerings were branded ''Tru-Test'' which eventually was used exclusively for paint until that name was supplanted by ''EasyCare''. EasyCare (and previously, Tru Test) paints are manufactured at True Value's General Paint & Manufacturing (GPM) factory in Cary, Illinois. This facility manufactures latex paints, oil-based paints, stains and aerosols exceeding 7,300,000 gallons annually for multiple retailers in addition to True Value. From the late 1960s until the late 1990s, True Value also sold a line of lawnmowers, tillers and similar power equipment under the ''Lawn Chief'' brand.

Notes

{{Portal bar, Chicago, Companies Hardware stores of the United States Home improvement retailers of the United States Retailers' cooperatives in the United States American companies established in 1948 Retail companies established in 1948 Companies that filed for Chapter 11 bankruptcy in 2024 Companies based in Chicago 1948 establishments in Illinois Cooperatives based in Illinois 2024 mergers and acquisitions