Hardware wholesaler True Value has filed for Chapter 11 bankruptcy amid plans to sell its business to its home improvement rival Do It Best. True Value, based in Chicago, said that all of its 4,500 stores will remain open during the bankruptcy process because they are independently owned. The 75-year-old company initiated the proceedings in order to enter into an agreement with Do It Best, which has offered to pay $153 million in cash to purchase the business. True Value, which sells tools, lumber and plumbing, said that it has succumbed to slumping sales that have affected other companies in the sector. …Under the agreement with Do It Best will become a “stalking horse” bidder. …True Value remains open to better offers. The transaction with Do it Best is expected to close by the end of the year.