True Value, a 76-year-old hardware store, revealed Monday it filed for bankruptcy and intends to sell substantially all of its business operations to a rival.

The nationwide retailer, writing in a press release, explained it initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. As proceedings play out, True Value will "continue its day-to-day operations" in serving its 4,500 stores.

The locations aren't part of the bankruptcy filing as they are independently owned, with the exception of one company-owned store in suburban Palatine.

Home improvement rival Do it Best Corp., based in Fort Wayne, Indiana, will acquire the majority of the company's assets.

"True Value's sale process is the next step in a series of actions that the Company has taken in 2024 to better position the business and its iconic brand for the long term, including modernizing its legacy operations, driving greater efficiencies, and investing in additional marketing campaigns," the press release stated.

The sale to Do it Best is projected to be finished by the end of 2024.

"A successful acquisition of True Value assets would represent a strategic milestone for Do it Best and home improvement retailers around the world," said Dan Starr, Do it Best president & chief executive officer, said in the release. "Do it Best has a proven track record of driving profitability through the most efficient operations in the industry. This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come."