The news: 75-year-old hardware store wholesaler and brand True Value filed for bankruptcy and plans to sell substantially all of its operations to rival Do It Best, the company announced Monday.

• True Value plans to continue day-to-day operations of selling hardware and other homeware tools to roughly 4,500 independently owned locations during the Chapter 11 process.
• Those stores, save one company-owned store in Palatine, Illinois, are not part of the proceedings.