LUZERNE COUNTY, Pa. — A 75-year-old company announced on Thursday that it has declared bankruptcy, and Luzerne County is expecting several employee layoffs.
According to a state website, about 269 employees will be laid off at True Value on Tradeport Road in Hanover Township from December 14 through December 28, 2024.
The company has an agreement to sell all business operations to Do it Best.
"We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step for True Value and our associates, customers, and vendor partners," said Chris Kempa, True Value's Chief Executive Officer. "We thank these valued stakeholders for their continued loyalty as we work to secure a stronger future for True Value."
True Value says it will continue its day-to-day operations, serving 4,500 independently owned retailers.
The company expects the sale's completion by the end of the year.
