Here we go—again. According to Fox 17, a retail hardware giant with over 60 locations in Michigan alone has started the ball rolling on Chapter 11 bankruptcy. No worries, you can still grab that hammer or wrench for your DIY projects, just maybe from a store with a different logo on the sign. True Value declared earlier this month that it's calling it quits, and they are selling the remaining assets to its arch-rival.

RELATED: UPDATED: Big Lots Closing 12 Stores in Michigan, More to Come?

A report from TV 6 revealed that True Value plans to sell its operations to Do It Best, a deal rumored to be worth more than $153 million. What does this mean for Michigan's hardware scene? Let's unpack the impact.

Will Michigan True Value Stores Disappear?

A hammer is seen coming down onto a building wrapped in caution tape reading "BANKRUPT"
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Good news! If you're already imagining a Spirit Halloween haunting your local True Value next October, hold that thought. The bankruptcy proceedings don't actually affect most fo True Value's 4,500 independently owned retailers.

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So, if you've got a True Value near you in Michigan, it's probably going nowhere—unless the owner has a sudden change of heart and decides to open a yoga studio instead.

Who's the Big Winner in True Value's Demise?

Scrabble tiles spell out BANKRUPT with screwdrivers above and below the word.
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Do It Best, based in Fort Wayne, Indiana, swooped in like a plumber trying to book a vacation to an after-hours job—or maybe more like a well-organized spreadsheet. Anyway, by the time they're done, they'll be the new bosses of most True Value assets.

RELATED: The Past Lives of All 37 Michigan 'Spirit Halloween' Stores

At least True Value isn't pulling a Rite Aid and abandoning Michigan. They're leaving most cities that lean on these stores with a place to go to have keys made and get a bag of nails. Will most Michigan DIYers change their habits? Probably not; in fact, my money is on most people, not even noticing the sign has been changed.

The Past Lives of All 37 Michigan 'Spirit Halloween' Stores

They pop up overnight and take over recently or long abandoned storefronts in Michigan beginning in August: October retail giant "Spirit Halloween," the grim reaper of retail closures. Here's a look at what all 37 Michigan Spirit Halloween were like in their past lives before they became home to masks and fake cobwebs.

Gallery Credit: Scott Clow

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