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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.
There were no injuries after a Southwest flight carrying passengers was struck by gunfire on the tarmac of Dallas Love Field Friday night, authorities said.
Southwest Airlines Flight 2494 was preparing for departure to Indianapolis when “a bullet apparently struck the right side of the aircraft under the flight deck,” a Southwest spokesperson told CBS News in a statement.
The airline said no one was hurt. A spokesperson for Dallas Love Field said in an email that the aircraft returned to its gate after sustaining damage from a “security incident” and the passengers deplaned. The runway was also temporarily closed, but has since reopened.
Dallas police confirmed the incident, saying that officers responded to reports of gunfire at 9:48 p.m. local time, arriving to find that the aircraft had been struck.
No further details were provided on the circumstances of the incident or what was the potential source of the gunfire. It’s unclear how many people were aboard the jet at the time, or how much damage the aircraft sustained.
In its own statement provided to CBS News, the Federal Aviation Administration said that the plane “was reportedly struck by gunfire near the cockpit.”
Dallas police are leading the investigation into the incident.
Earlier this week, gunfire amid ongoing gang violence struck three planes that were either landing or departing Haiti’s capital of Port-au-Prince. The shootings prompted the FAA to issue a 30-day ban on U.S. airlines flying to Haiti.
Social media star Jake Paul defeated boxing legend Mike Tyson in a highly anticipated fight with an age difference of over three decades between the two contenders. The Friday night win for the YouTuber-turned-pro-boxer was streamed on Netflix from the home of the Dallas Cowboys in Texas.
Paul defeated Tyson by an unanimous decision after the two fighters went eight full rounds.
Fight night for the 58-year-old Tyson and 27-year-old Paul came following doubts over whether it would happen at all. The fight was originally scheduled for July, but was postponed after the former heavyweight champion experienced an ulcer flare-up on a plane in May.
A different kind of flare-up happened during the official weigh-in Thursday with Tyson slapping Paul in the face. Tyson later told the New York Post that Paul had stepped on his toe when the two were toe to toe onstage.
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What is Jake Paul’s fight record?
With the win, Paul’s record improved to 11-1.
Was Jake Paul predicted to win?
Oddsmakers had Paul as the slight favorite to win. Former heavyweight champ Anthony Joshua also went with Paul.
How much prize money does Jake Paul win?
Paul was expected to earn about $40 million from the fight, according to DraftKings Network and other online sources.
Promoters didn’t reveal the payouts ahead of the bout. Paul is a co-founder of Most Valuable Promotions, which produced the fight.
Does Mike Tyson still get paid?
Tyson was expected to take home around $20 million for the fight, according to DraftKings and other online reports.
Tyson entered professional boxing in 1985 and became the youngest heavyweight champion in history a year later. After serving time for a rape conviction in the 1990s, Tyson won the World Boxing Council and World Boxing Association titles.
He retired from boxing in 2005 and was inducted into the International Boxing Hall of Fame in 2011. He last fought in a 2020 exhibition match against former four-division world champ Roy Jones Jr.
“He like put on another 20 pounds from when I fought him, so he’s more bigger and he’s more dangerous because more size, more power, so it’s going to be a tough one for Jake to climb,” Jones told CBS News ahead of the fight.
Anne Marie Lee and
contributed to this report.
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