True Value points to record customer rebates
The distributor also makes good on notes to former members.
True Value Company, the Chicago-based distributor, announced that record rebates were one result of the pandemic-clouded year that was 2020.
The year also saw operational complexities and incremental costs. A company statement further revealed that former retailers have been paid in full on promissory and installment notes that matured on Dec. 31, 2019.
The company’s full statement offers more details. It reads:
“In 2020, we made the decision to be extremely conservative in an uncertain environment ensuring we were best positioned to serve our current customers. The surge in volume and circumstances surrounding the pandemic resulted in operational complexities, incremental costs and, on a positive note, record customer rebates.
“Once our confidence improved and the uncertainty stabilized, we made good on our promise and paid the full principal owed on former retailer promissory and installment notes which matured on December 31, 2019. We also paid all interest through year end on all debt outstanding.
“As communicated in January 2020, we intend to make future payments in the Spring to align with our annual payment of patronage dividend and rebates which we plan to pay in full on March 19.”