Wholesaler True Value in Bankruptcy to Sell Itself to Rival.

Wholesaler True Value Co. has filed for bankruptcy and plans to sell its business to rival Do it Best Corp. True Value will continue to operate under Chapter 11 protection, with Do it Best providing a "stalking horse bid" of $153 million in cash. True Value's CEO stated that the sale was the best way to maximize value and serve their retail partners. The company faced liquidity challenges and hired financial adviser Houlihan Lokey Inc. to explore options. True Value serves a network of 4,500 independently-owned retailers and has estimated liabilities between $500 million and $1 billion. [Extracted from the article]