The Muller family notified family members, employees and their loyal customers this week that Muller True Value Hardware will be closing its door permanently after serving the Ferdinand community for more than 45 years.
Monday, April 30th will be the last day of operation for the locally owned hardware store.
“It is with deepest sorrow and a heavy heart that we will be closing our doors,” store owner, Deanna Muller said. “Serving our community is what our family does best, and we had big plans to keep impacting our community with our little store. The timing just didn’t work out.”
Deanna explained the fate of the company was due to several factors including a failed computer system that caused inventory issues and the lack of communication and support to fix the problems. Without an accurate inventory count, the team at Muller True Value Hardware found it difficult to completely help a customer as they were working on their projects. Often, the team members were able to help them halfway through the problem, but ultimately were forced to order the rest of it online or send the customer to shop with a competitor to complete the task at hand.
“I know our customers have been feeling it when they shop with us—we were feeling it too.” Cody Goeppner, General Manager, explained. “We have been combatting this issue in creative and strategic ways for over a year and a half, but just as we were seeing light at the end of the tunnel, changes out of our control brought everything to a crashing halt.”
This big change for the Muller family and the Ferdinand community comes at the same time True Value Company, headquartered in Chicago, IL, faces its own changes. After running the company as a cooperative since it’s establishment, True Value Company has recently announced its possible sale of majority stocks to the private investment company, ACON Investments. Under the terms of the agreement, ACON will make a strategic investment in the new True Value operating company.
ACON’s investment will result in current True Value retailers having 70% of their invested capital, 100% of their promissory notes and the 2017 Patronage Dividend repaid following close. This represents approximately $229 million in returns and credits to current True Value retailers, who will also retain a 30% holding in the new True Value Company. The Board of True Value is unanimously recommending this transaction, which it believes represents a unique opportunity to accelerate the transformation of the business while also delivering compelling financial and retail benefits to our retailers.
“I believe the direction True Value Company is headed with the private investment company will be beneficial to everyone involved. This sale will open the door to more opportunities to solve the issues we have been facing,“ Deanna commented. “Unfortunately, it’s just too late in the game for my store and we have been left with no other option but to close our doors.”
Muller True Value Hardware will be holding a liquidation sale throughout April, starting on Thursday, April 12th. Visit Muller True Value Hardware’s Facebook page for up-to-date information regarding the closing of their business.