True Value
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| Retailers' cooperative | |
| Industry | Hardware stores |
| Founded | Chicago, Illinois, U.S (1948, as Cotter & Company) |
| Founder | John Cotter |
| Headquarters | Chicago, Illinois, U.S |
| Products |
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| Members | 12 |
| Website | truevalue |
The True Value Company is an American retailer-owned hardware cooperative with over 5,000 independent retail locations worldwide. Members of the True Value cooperative own their individual stores and operate independently of True Value Company.
A number of different retail identities are supported by True Value Company, including True Value (hardware and home center stores), Grand Rental Station, Party Central, and Taylor Rental (equipment and party rental), Induserve Supply (commercial supplies), Home & Garden Showplace (nursery and garden center stores) as well as affiliate stores that purchase from True Value Company but do not use any of the national store identities.
The co-op supports its retailers through 12 regional distribution centers and 3,000 associates. The corporate headquarters are located in the O'Hare neighborhood of Chicago.
True Value Company traces its roots to four hardware cooperatives and a hardware wholesaler: American Hardware & Supply (ServiStar), Coast to Coast Corporation, Cotter & Company (True Value), and the Midwest-based Hibbard Spencer Bartlett & Company.
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 for $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.
During a 1999 audit, accounting irregularities topping out at $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 tumultuous period (1999-2001), a number of hardware stores chose to leave TruServ to join competing hardware cooperatives (Ace Hardware, 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". This explains why many people believe True Value and Ace Hardware are the same company.
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