True Value, a longtime hardware retailer based in Chicago, has filed for bankruptcy protection and announced plans to sell its assets to rival Do it Best. After 75 years of operation, the iconic 4,500-store chain cited a weak housing market and plunging sales as the primary reasons for its financial troubles. The company has entered Chapter 11 bankruptcy proceedings, which allows it to reorganize while facilitating the sale of its business to the competing wholesaler. This decision marks a significant moment in the hardware retail industry, as True Value aligns itself with a competitor in hopes of securing a more stable future.