True Value
{{Short description|American wholesaler}}
{{for|the statistical concept|True value}}
{{Use American English|date=February 2023}}
{{Use mdy dates|date=February 2023}}
{{Infobox company
| name = True Value Company, L.L.C.
| trade_name = True Value
| logo = True Value logo.svg
| type = Subsidiary
| owner = Do It Best
| foundation = Chicago, Illinois, U.S. ({{Start date and age|1948}}, as Cotter & Company)
| founder = John Cotter
| location_city = Chicago, Illinois
| location_country = U.S.
| key_people = Dan Starr (CEO){{cite web |last1=staff |title=Meet The Team – True Value Company |url=https://truevaluecompany.com/meet-the-team |website=truevaluecompany.com |access-date=2 December 2024}}
| industry = Hardware stores
| products = {{unbulleted list|Home improvement products|Home appliances|tools|household hardware|lumber|building materials|paint|plumbing|equipment rental}}
| revenue = {{decrease}} {{US$|1.488 billion|link=yes}} (2017){{cite web |url = http://www.truevaluecompany.com/Portals/0/PDFs%20and%20Reports/2017-TV-Annual-Financial-Report.pdf|title = 2017 Annual Financial Report |website=Truevaluecompany.com|date =March 2, 2018 |df = mdy-all }}
| operating_income = {{increase}} US$ 40.16 million (2017)
| profit = {{increase}} US$ 24.75 million (2017)
| assets = {{decrease}} US$ 912.88 million (2017)
| equity = {{decrease}} US$ 160.4 million (2017)
| num_employees = 2,500 (2019){{Cite web|url=http://forbes.com/companies/true-value/?list=best-midsize-employers/#52adf983b1b3.|title = True Value|website = Forbes}}
| num_locations = 4,500+ (60 countries){{Cite web|url=https://www.truevaluecompany.com/|title=True Value Company > Home|website=Truevaluecompany.com|access-date=April 9, 2020}}
| homepage = {{URL|truevalue.com}}
}}
The True Value Company is an American wholesaler and Hardware store brand.{{cite news |last1=Valinsky |first1=Jordan |title=True Value declares bankruptcy and sells itself to a hardware rival|url=https://www.cnn.com/2024/10/14/business/true-value-bankruptcy/index.html |access-date=17 October 2024 |work=CNN |date=14 October 2024 |language=en}} The corporate headquarters are located in Chicago.{{cite news |last1=Shipe |first1=Caitlynn |title=Do it Best makes bid to obtain Chicago-based True Value |url=https://www.wfft.com/news/local/do-it-best-makes-bid-to-obtain-chicago-based-true-value/article_bf43a29e-8a59-11ef-b885-d38ca1c2ece5.html |access-date=17 October 2024 |work=FOX 55 Fort Wayne |date=14 October 2024 |language=en}}
Historically True Value was a cooperative owned by retailers,{{Cite web|last=Unglesbee|first=Ben|url=https://www.retaildive.com/news/true-value-announces-buyout-deal-with-private-equity-firm/519414/|title=True Value announces buyout deal with private equity firm|website=Retail Dive|language=en-US|access-date=October 22, 2019}} but in 2018 it was purchased by ACON Investments.{{Cite web|last=Dorbian|first=Iris|url=https://www.pehub.com/2018/03/acon-investments-invest-hardware-retailer-true-value/|title=ACON Investments to invest in hardware retailer True Value|date=March 16, 2018|website=Pehub.com|access-date=August 11, 2019}} In October 2024, True Value filed for bankruptcy and competitor Do It Best agreed to purchase the company. The purchase was completed in November 2024.{{cite web |last1=Connection |first1=The Hardware |title=Do it Best Finalizes True Value Acquisition, Creating Largest Network of Independent Home Improvement Stores |url=https://thehardwareconnection.com/do-it-best-finalizes-true-value-acquisition-creating-largest-network-of-independent-home-improvement-stores/ |website=The Hardware Connection |access-date=2 December 2024 |date=22 November 2024}} The independent retailers True Value supplied, branded as "True Value", are not part of the bankruptcy and will continue operating.
History
File:True Value Wethersfield, CT (27397618703).jpg]]
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, Staten Island, New York City, 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.{{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}}
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.{{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}} 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, intended to service approximately 1,000 stores. Along with the new distribution center True Value also adopted the "hub-and-spoke" model.{{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}}
On November 1, 2022, True Value acquired the Agway Trademark from Agway Farm & Home Supply.{{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}}
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.{{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}} 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.{{Cite web|url=http://privatelabelpaint.net/|title=GPM – Expertly Crafted. Within Reach.|website=Privatelabelpaint.net|access-date=August 11, 2019}}
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
{{reflist}}
{{Portal bar|Chicago|Companies}}
Category:Hardware stores of the United States
Category:Home improvement retailers of the United States
Category:Retailers' cooperatives in the United States
Category:American companies established in 1948
Category:Retail companies established in 1948
Category:Companies that filed for Chapter 11 bankruptcy in 2024
Category:Companies based in Chicago
Category:1948 establishments in Illinois