True Value Hammered By Economy, Lenders’ Tight Screws

True Value, which began selling hand tools and other hardware in 1932, recently sought Chapter 11 protection and disclosed they have secured a deal to sell its assets for $153 million in cash. Patrick T. Collins shared his insight with Law360 on what’s next for the retailer.

From the article:

“What remains to be seen is, what happens to the True Value name,” said Patrick T. Collins, a bankruptcy partner at Farrell Fritz PC. “It’s a name that a lot of people know.”

One upside: as a wholesaler, True Value will not have to deal with the “massive number of retail leases” with which other retail bankruptcies must contend, Collins said.

 

Read the article here (subscription required):

True Value Hammered By Economy, Lenders’ Tight Screws – Law360 Bankruptcy Authority