Chicago-based hardware retailer True Value, which filed for Chapter 11 bankruptcy last week, could lay off nearly 900 employees in Illinois alone if the company isn’t sold during bankruptcy proceedings, it said in mandated state filings.
True Value, which has about 4,500 stores, filed for bankruptcy in federal court in Delaware on Oct. 14. In court filings, the company said Indiana-based competitor Do It Best had offered to buy the company for $153 million.
In filings required by Illinois under the state’s Worker Adjustment and Retraining Notification Act, which mandates advance notice of certain mass layoffs, True Value said about 870 Illinois workers could be out of jobs if the deal with Do It Best doesn’t go through…