Thompson True Value in Marshalltown Remains Open After Bankruptcy Filing | News, sports, jobs

TR FILE PHOTO The independent Thompson True Value store pictured at 106 S. Center St. in Marshalltown remains open for business and operations remain unchanged after the Chicago-based hardware wholesaler filed for Chapter 11 bankruptcy earlier this week.

Thompson True Value — a full-service hardware company in Marshalltown that dates back to 1860 — remains open for business.

“We will continue to offer our extensive product selection, machine repair, Weber grills, custom paint and more, all with personalized customer service,” owner and operator Dave Thompson said Thursday.

True Value, the longtime Chicago-based hardware retailer, filed for Chapter 11 bankruptcy earlier this week and reached an agreement to sell its assets to rival hardware company Do It Best Corp., according to Chicago-based WGN-TV. met.

“Our customers will not notice any changes in the way we have done business for 39 years,” Thompson said. “Since becoming part of True Value, we have been independently owned and operated. For example, we received a delivery from True Value on Wednesday after its bankruptcy announcement. The sale of company assets to Do It Best will benefit our customers as I expect we will be able to offer more products.”

True Value said in a news release that its 4,500 locations are all independently owned and operated, except for one corporate store in Palatine, Illinois. None of those 4,500 are part of the bankruptcy process and they remain open for business.

Thompson, his wife Kathy and their son Paul, the store’s co-owners, moved across the street to their current 14,000-square-foot location at 106 S. Center St. in 2019.

Their significant investment in building a new downtown store was caused by a blizzard and tornado at their previous location in 2018, which destroyed the roof structure.

Despite the damage, the store remained open, with customers placing their orders at the front desk or driving up to the front door while staff found products and returned to the counter or vehicle.

The old building, now demolished, had been a local retail location since the 1950s, when it was originally constructed as Smity’s Grocery Store. It was converted into a hardware store, which the Thompson’s purchased in 1985.

Thompson said when the new store opened in July 2019 that some of the old store is in the new one. To enter the current location you have to walk across several old red bricks.

“These are bricks that were salvaged from the old store,” Thompson said at the time.

The 52-year hardware store veteran got his start in 1972 at his family’s True Value store in Eau Claire, Wisconsin.

Thompson said he, Kathy and Paul are proud to carry on the tradition of a downtown hardware store that began in 1860 as Abbott Hardware at 1 W. Main St. The owner was Albert Cutler Abbott.

The tradition has since been maintained by other owners – making it the oldest continuously operating retail establishment in Marshalltown, according to the late local resident and historian Jay Carollo.

According to court documents, Fort Wayne, Indiana-based Do It Best bought the 75-year-old True Value for $153 million.

A spokesperson for True Value said the target date for closing the sale is the end of 2024. According to the Des Moines Register, True Value has locations in central Iowa in Grimes, Huxley, Indianola, Madrid and West Des Moines.

Thompson True Value business hours are Monday through Friday 8:00 a.m. to 6:00 p.m., Saturday 8:00 a.m. to 5:00 p.m., and Sunday 12:00 p.m. to 5:00 p.m. For more information, call 641-753-6647 or