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.

True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.

But the hardware retailer's 4,500 member stores are independently owned and will continue day-to-day operations.

The longtime stalwart of the U.S. hardware sector filed for bankruptcy but will keep stores open throughout the acquisition process.