True Value

For the statistical concept, see True value.

The True Value Company is an American wholesaler and Hardware store brand.^[5] The corporate headquarters are located in Chicago.^[6]

True Value Company, L.L.C.

Trade name	True Value
Company type	Subsidiary
Industry	Hardware stores
Founded	Chicago, Illinois, U.S. (1948; 77 years ago (1948), as Cotter & Company)
Founder	John Cotter
Headquarters	Chicago, Illinois , U.S.
Number of locations	4,500+ (60 countries)[1]
Key people	Dan Starr (CEO)[2]
Products	Home improvement products Home appliances tools household hardware lumber building materials paint plumbing equipment rental
Revenue	US$1.488 billion (2017)[3]
Operating income	US$ 40.16 million (2017)
Net income	US$ 24.75 million (2017)
Total assets	US$ 912.88 million (2017)
Total equity	US$ 160.4 million (2017)
Owner	Do It Best
Number of employees	2,500 (2019)[4]
Website	truevalue.com

Historically True Value was a cooperative owned by retailers,^[7] but in 2018 it was purchased by ACON Investments.^[8] In October 2024, True Value filed for bankruptcy and competitor Do It Best agreed to purchase the company.^[5] The purchase was completed in November 2024.^[9] The independent retailers True Value supplied, branded as "True Value", are not part of the bankruptcy and will continue operating.^[5]

History

A True Value outlet in Wethersfield, Connecticut

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.

A worker enters a True Value lumberyard in New Dorp, 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, 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.^[10]

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.^[11] Eventually, in 2018, international private equity investment firm, ACON, purchased True Value.^[8]

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.^[12]

On November 1, 2022, True Value acquired the Agway Trademark from Agway Farm & Home Supply.^[13]

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.^[14] 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.^[15]

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.