The home improvement sector has struggled with financial distress this year, leading iconic retail chains to file for bankruptcy and close stores, or in one case, just close all stores and not file bankruptcy.

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 Co. filed for bankruptcy in Delaware on Monday as it seeks to sell its business to rival Do it Best Corp.