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True Value declares Chapter 11 bankruptcy and lines up sale to Do it Best
True Value, a national hardware retailer whose roots go back more than 70 years, said Monday that it has declared bankruptcy and will sell itself to a competitor.
The Chicago-based company filed for Chapter 11 protection from its debts in the U.S. Bankruptcy Court for the District of Delaware. As part of the filing, most of the privately held retailer’s assets will be acquired by home improvement rival Do it Best. True Value, which was founded in 1948, said it will continue providing independently owned retailers with products.
“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,” True Value CEO Chris Kempa said in a statement.
Individual True Value stores, which are independently owned, are not part of the bankruptcy expect for one company-owned outlet in Palatine, Illinois.
True Value operates as a member-owned wholesaler cooperative that sell its products mostly to hardware sellers, garden centers, industrial distributors and other merchants, according to S&P Capital IQ.
Do it Best chief Dan Starr said buying True Value represents a strategic milestone for the Fort Wayne, Indiana-based company, which also operates as member-owned co-op.
“This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come,” he added.
True Value said it has filed motions with the bankruptcy court to continue paying wages and benefits to its employees, as well as offer support programs for customers. The company aims to complete its sale to Do it Best by year-end.
True Value serves more than 4,500 stores worldwide with total retail sales of $10 billion, according to the company.
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Trump campaign’s use of Leonard Cohen’s “Hallelujah” is “blasphemy,” singer Rufus Wainwright says
On Monday, Donald Trump turned a town hall Q&A into a music-listening session, with the former president swaying on stage for more than 30 minutes to some of his favorite songs — including Leonard Cohen’s “Hallelujah,” as covered by the singer Rufus Wainwright in the film “Shrek.”
Now, Wainwright and Cohen’s estate are taking issue with Trump’s use of the song, with Wainwright writing on social media that “witnessing Trump and his supporters commune with this music last night was the height of blasphemy.”
The publishing company for Cohen’s estate has sent a cease and desist letter to the Trump campaign, Wainwright said. Cohen, who died in 2016 at the age of 82, originally released the song in 1984, with many musicians later covering it, including Wainwright and the late Jeff Buckley.
The Trump campaign and representatives for Wainwright and Cohen’s estate didn’t immediately respond to requests for comment.
The spat over “Hallelujah” marks the latest tussle between musicians and the Trump campaign, which has repeatedly been asked to stop playing songs by artists ranging from Celine Dion to Queen. Some of the artists said they are opposed to their music accompanying any type of political event, while others, like Wainwright, have been more pointed in linking their music to Trump.
“The song ‘Hallelujah’ by Leonard Cohen has become an anthem dedicated to peace, love and acceptance of the truth,” Wainwright wrote on Tuesday.
He added that he was “mortified” that the song was played at the Trump event, adding that “the good in me hopes that perhaps in inhabiting and really listening to the lyrics of Cohen’s masterpiece, Donald Trump just might experience a hint of remorse over what he’s caused.”
Wainwright added that he is supporting Vice President Kamala Harris in the presidential election.
Trump played several other recordings at the town hall event in Oaks, Pennsylvania, about 20 miles outside Philadelphia, after two attendees needed medical attention. Those songs included “It’s A Man’s Man’s Man’s World” by James Brown, “An American Trilogy” by Elvis Presley and “Nothing Compares 2 U,” by the late Sinead O’Connor.
Musicians who have objected to Trump using their music
Wainwright joins a long list of other musicians who have asked the Trump campaign to stop using their songs. Some of the recent cases include:
- Celine Dion, whose representatives in August told Trump that his use of her 1990s song “My Heart Will Go On” was “unauthorized” and had not received her permission.
- The Foo Fighters, who in August objected to Trump playing the band’s “My Hero” when he welcomed former independent candidate Robert F. Kennedy Jr. to the stage at an Arizona rally. The Foo Fighters said they hadn’t given permission for the use of the song, and that any royalties received as a result of the Trump campaign’s use of the song would be donated to Harris’ campaign.
- Isaac Hayes, with a federal judge in Atlanta ruling last month that Trump and his campaign must stop using the song “Hold On, I’m Coming” while the family of one of the song’s co-writers pursues a lawsuit against the former president over its use.
- The White Stripes, who in September sued Trump in a case that alleges he used their hit song “Seven Nation Army” without permission in a video posted to social media.