Do it Best, True Value Leaders Address Acquisition and Future in Town Hall Meetings
In a series of virtual town hall meetings during the week of December 2, Do it Best CEO Dan Starr and True Value President Dent Johnson provided hardware retailers and industry professionals with a detailed update on the recent acquisition of True Value by Do it Best, according to a summary of the meetings provided to Hardware Connection. The discussions focused on the acquisition process, immediate post-acquisition priorities, and upcoming plans.
The acquisition, finalized on November 22, was announced in October and progressed on an accelerated timeline. According to the leadership team, the fast-paced process included navigating bankruptcy proceedings and securing an expedited closing to address supply chain disruptions. During the about 45-minute town halls which was exclusively for True Value retailers, Starr and Johnson noted that while operating as competitors prior to the transition presented challenges, the acquisition’s swift completion allowed efforts to stabilize operations to begin sooner.
The series of town halls served as a platform for Do it Best and True Value leaders to provide transparency and communicate directly with retailers about the path forward. Question-and-answer sessions from True Value retailers made up about half of the meeting time and drove discussions. While stabilization remains the immediate focus, the leadership team emphasized plans for growth and integration in ways that will benefit retailers across the cooperative.
More town halls may be scheduled, and podcasts and emails will update retailers about fill rates as the co-op focuses on restocking warehouses, according to Randy Rusk, Director of Communications for True Value.
Do it Best’s initial focus post-acquisition has been on reopening supply chains, rebuilding trust with vendors and retailers, and improving fill rates to meet the needs of hardware retailers, according to a Do it Best statement released this past week about the town hall meetings. Among the key points the Do it Best and True Value leadership also highlighted during the meetings:
Reinstatement of drop shipping. Placing substantial orders with vendors and resuming drop-shipping programs were among the top priorities. Many orders are already in transit, with more expected to arrive in the coming weeks.
Integration of True Value operations. A key part of the longer-term plans is to combine True Value operations into the Do it Best distribution network.
No immediate warehouse closures. During the town hall meetings, Do it Best and True Value leadership emphasized that there will be no immediate warehouse closures planned beyond those previously announced. This strategy optimizes resources while maintaining uninterrupted product access for retailers.
Future of True Value brand. Another priority discussed during the town halls was the future of the True Value brand. Recognized for its strong reputation, the brand will see continued investment in programs like True Value Rewards and exclusive private-label products, such as EasyCare paint. Plans are also underway to expand product offerings and support retailers’ competitive positioning in the market.
Rebates agreed to prior to acquisition. The town hall meetings also addressed questions from retailers about 2024 rebates and agreements made prior to the acquisition. Leadership acknowledged the importance of these commitments and outlined plans to resolve issues related to unfulfilled rebates while working to establish new incentive programs.
True Value representation. Governance changes were also mentioned during the town hall meetings, with discussions underway about potential True Value representation on the Do it Best board for participating retailers.
Combined Do it Best-True Value Spring Market. A combined spring market is scheduled to take place in Orlando, where both Do it Best and True Value retailers will have opportunities to participate in tailored events and buying sessions. For more details about the Do it Best Spring Market in Orlando, see Hardware Connection’s recent article.
