The new True Value broadcasts its 'town hall'
With the ink dry on Do it Best's acquisition of True Value out of bankruptcy, the new True Value took to the airwaves on Dec. 5 with an open forum led by Do it Best CEO Dan Starr and recently appointed President of True Value Dent Johnson.
The wide-ranging discussion—watch the video above—touched on 2024 rebates owed to True Value dealers, access to Do it Best programs and deals, and the status (and fate) of True Value's supply chain.
Johnson repeatedly emphasized his team's current primary focus was the stabilization of True Value's operations, especially after the True Value supply chain experienced what he described as rapid deterioration during the bankruptcy process and immediately after.
"Job one for us, day after close, is getting inventory moving. Getting the supply chain to open back up. And really stabilizing the operation," Johnson said. "And making sure we are regaining and rebuilding trust and confidence at the retail level, and also at the vendor level."
Among the priorities is tackling the topic of rebates—specifically, those owed to True Value dealers based on 2024 sales. While it doesn't appear that the old True Value estate is in position to pay them, Dent described a 2025 plan that would allow True value dealers to earn rebates for 2025 purposes "but also an opportunity to recover what was earned in 2024 with continued business with us," he said. He described the plan as a work in progress.
On the supply chain front, True Value's drop-ship program, suspended during the bankruptcy, is back in operation, the leaders announced.
And also, the combined network of 20-plus distribution centers, will for the time being remain in operation.
"What’s clear is we're not going to need 20-plus distribution centers down the road, even with our ambitious growth plans to supply retailers," Johnson said. "But in the very short term, they are all going to stay up and running."
Starr added: "First order of business is to make sure we’re not disrupting business. That’s job one."
In one of his concluding remarks, Starr described the new True Value as a reflection of the old True Value of decades ago, and distanced the company from the debtor-in-bankruptcy True Value.
“If you go back 20 years, I think the culture of True Value was exactly the way Do it Best operates," Starr said. "It’s a culture of trust, transparency and working for the owners. And I want to bring that back and earn that trust from True Value retailers.”
