To True Value vendor partners:

I’m happy to share that we have just cleared a major step in securing the sale of True Value assets and operations to Do it Best.

Do it Best’s willingness to backstop our lenders’ recovery and accelerate the target closing date led to consensus and support among True Value’s lenders and unsecured creditors for the sale to Do it Best.

From the very beginning, Do it Best has demonstrated its commitment to putting all of you first. To be clear, had Do it Best not shown flexibility in their offer, our lenders may well have been permitted to liquidate True Value, a result that would have been devastating.

Our lenders’ consensual agreement to allow this transaction to move forward will support our ability to continue to work with you as we serve our retailers through the close of the transaction and minimize disruptions in your business.

I ask that you take a moment to read the note below that I just received from Do it Best CEO, Dan Starr. I am grateful for Dan’s leadership, his hard work and dedication, and the support of his entire team. Do it Best’s actions throughout our bankruptcy process only reinforce our confidence that you’ll be well supported in the years to come.

Thank you for your partnership,

Chris Kempa
CEO

Today’s agreement between True Value and its lenders will have a huge impact. I believe it clears a significant hurdle so we can continue to move forward under our agreement to purchase True Value’s assets and operations.

Maybe more importantly, it reinforces that everyone’s focus is squarely on doing what’s right and best for independent home improvement dealers. While additional approvals must still be obtained, I’m excited that today’s milestone moment has been achieved and that we’re now on an accelerated path to closing.

Since the initial announcement a couple of weeks ago, we’ve continued to be encouraged by the near-universal support voiced by dealers and vendors. Like us, they see the tremendous opportunities to bring immediate and sustained stability and growth to thousands of stores around the world.

It feels good to know we can continue to work on our plans to provide a smooth transition in the month ahead. I’ve valued our discussions to ensure this is a big win for our member-owners, your retail partners, our vendors, and our respective teams. While there will be much to do, the future is very bright!

All the best,
Dan