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.