Home Depot rival files Chapter 11 bankruptcy seeking asset sale
The national retailer files for bankruptcy protection due to issues with its line of credit and financial distress.
The home improvement sector has faced financial distress and bankruptcy filings over the last year after an increase in business from do-it-yourself consumers during the Covid-19 pandemic plummeted when the pandemic subsided.
Once homeowners returned to their jobs and other activities, and no longer had plenty of time on their hands for home improvement projects, home improvement retailers experienced a decline in sales.
