Company: True Value Company
True Value Company is a privately held retailer that operates as a co-operative, with each store independently owned by its operators. All the stores operate independently of the True Value Company.
In 2012, while total sales grew by about 2.4% to $17.1 billion. The company employs about 3,000 people.
In addition to the well-known brands True Value Company has, it also has affiliate stores that purchase from True Value Company but don't operate under any of the True Value brand names. The affiliate stores mainly benefit from True Value's distribution network, buying power and operations expertise.
Trade Names (# of locations)
TrueValue, Taylor Rental, Grand Rental Station, Induserve Supply, Home & Garden Showplace, Party Central
Early Years and Growth
In 1910, True Value Company started in Pittsburgh, Pennsylvania as American Hardware and Supply Company.
In the 1920’s, True Value Company brought on The Coast to Coast Corporation as a part of the cooperative.
In 1928, True Value Company launched its first "Toy Parade" catalog and held its first Toy Show.
In, 1948, True Value Company added Cotter & Company to its family of cooperatives.
In 1963, through Cotter & Company, True Value Company acquired Hibbard Spencer Bartlett & Company.
In July 1990, ServiStar merged with Coast to Coast and the new company was called ServiStar Coast to Coast.
In 1993, ServiStar Coast to Coast bought 288 Taylor Rental Corp stores.
In 1997, True Value Company merged Cotter & Company with Servistar to create a new company called TruServ Corporation. Prior to then, these two brands had operated separately.
In 1999, True Value Company was found to have over $100 million in accounting errors in its financial statements and the company posted a $131 million loss that year as a result.
In 2000 and 2001, in the wake of the scandal surrounding the company’s accounting issues, True Value saw many of its stores defect to competitors’ cooperatives including Ace Hardware and Do It Best.
In 2006, TruServe Corporation changed its name to True Value Company.
In 2010, True Value launched an ecommerce website.
In 2012, True Value rolled out the 2.0 version of their website.
In April, 2013, True Value Company’s Lyle Heidemann retired from his positions as President and Chief Executive Officer (CEO). He was succeeded by John R. Hartmann. Hartmann came to the company with over 15 years of experience. His most relevant experience includes 11 years in the hardware retail segment of the industry. Hartmann was previously the CEO of a large hardware cooperative in New Zealand which he led to double digit growth.
In July, 2013, True Value Company announced second quarter financial results that showed growth in total revenues and net profits.
HeadquartersHeadquarter City: Chicago, Illinois
True Value Company targets do-it-yourself homeowners.
Reviews on Glassdoor.com
The 31 reviews on Glassdoor.com show the company gets an overall 3.1 out of 5 stars and 70% of employees recommend the company to a friend. Of all the categories rated, work/life balance received the most stars, at 3.8 out of 5.
Approximately 50% of reviewers approve of the company's CEO.
According to reviews, the company has several jobs that pay better than the industry average, including:
Floor Manager: $20K
Retail Associate -Hourly: $15/Hour
In addition to competitive pay, the company offers its employees a 401(k) plan with company match and discretionary profit sharing.