Long-time hardware retailer True Value announced Monday it has filed for Chapter 11 bankruptcy and is entertaining a bid to sell its assets to competitor Do it Best.

True Value said it has filed motions with the bankruptcy court to continue paying wages and benefits to its employees, as well as offer support programs for customers. The company aims to complete its sale to Do it Best by year-end. True Value serves more than 4,500 stores worldwide with total retail sales of $10 billion, according to the company.

The proposed acquisition, supported unanimously by the Do it Best Board of Directors, would mark a significant moment in the history of the independent home improvement industry.