True Value’s co-op chair delivers a message
Wearing his first name and the True Value logo on the front of his shirt, the chairman of True Value’s co-op — the group that owned the 30 percent of True Value Company that wasn’t acquired by equity investors in 2018 — delivered a hopeful message to True Value nation.
In the video, shared with HBSDealer by Do it Best, Lee Kuenning expressed frustration with a lack of visibility into the decisions that preceded TrueValue’s descent into bankruptcy, and also hope that “the best days are ahead of us.”
Kuenning, whose family owns four True Value stores in West Central Ohio, also expressed optimism for a future relationship with Do it Best.
Here are Kuenning’s comments:
Hi. I’m Lee Kuenning, chairman of the board for the True Value co-operative.
My family also owns four stores in West Central Ohio. And like you, we've bled True Value red our entire lives. It's all I've ever known. And today I'm still proud to have True Value on the front of my buildings.
While it's been disappointing, learning of the challenging financial situation that True Value has had, as a board, we had no visibility to the decisions of the company that were being made. We received the same communication that you did at the exact same time.
Now, as we've had some time to digest the path forward and a proposed acquisition by Do it Best, I want to share with you that my entire family is excited about the opportunity and here's why: We get to keep our name True Value. It really means everything to us.
We get to maintain our independence while working with a partner committed to our success. We get to return to a co-op, one that is financially strong, truly cares, and is here to hear our thoughts and our opinions.
In fact, I'm standing at headquarters right now after a wonderful meeting here today, meeting with all of the executive team and getting to understand their business.
So I ask my fellow True Value dealers: Stay the course. The future is bright. It's been a long time, but I think the best days are ahead of us.
This isn’t the first time that a True Value dealer with board experience injected themselves into the bankruptcy case. Megan Menzer, owner of Newton’s True Value Hardware in Cherryvale, Kansas, and the immediate past chairman of the True Value co-op board, entered a declaration to the court on Oct. 16.
In it, Menzer provided insights that contradicted the findings of a pro-liquidation report.
“I can say with confidence that other store owners and I would be invested and cooperative in a going concern sale process, rather than a liquidation,” she wrote.
Menzer added that True Value “is not just an investment for us owners; it’s our livelihood. This is not just what we do for work; it defines who we are, day in and day out. We will do whatever it takes for this business and our stores to survive these liquidity challenges because we believe in, and care deeply about, the business and the people it serves.”
