Bankrupt True Value Seeks Retiree Committee to Curtail Benefits

Bankrupt wholesaler and hardware brand True Value moved to form an official committee for retired employee beneficiaries in order to facilitate the termination or modification of its benefit plans.

True Value Co. LLC is poised to sell its business out of bankruptcy to rival Do it Best Corp. but the lead bidder and all other potential suitors appear unwilling to assume and continue True Value’s retiree health and benefit plans, the company said in a court filing Monday.

Absent a deal that would preserve the health and life insurance plans for about 300 beneficiaries, True Value will have to terminate ...