8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    Form 8-K

                             Current Report Pursuant
                          to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

        Date of report (Date of earliest event reported) August 11, 2001

                               TRUSERV CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)

                                    DELAWARE
                 (State or Other Jurisdiction of Incorporation)

        2-20910                                          36-2099896
(Commission File Number)                    (I.R.S. Employer Identification No.)

8600 WEST BRYN MAWR AVENUE, CHICAGO, ILLINOIS            60631-3505
  (Address of Principal Executive Offices)               (Zip Code)

                                  773-695-5000
              (Registrant's Telephone Number, Including Area Code)

                                 Not Applicable
          (Former Name or Former Address, if Changed Since Last Report)


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Item 5. Other events.

TruServ Corporation issued the attached press release in connection with its
second quarter financial results.

Matters discussed in the attached press release are forward-looking statements
within the meaning of the safe-harbor provisions of the Securities Exchange Act
of 1934. These forward-looking statements are subject to various risks and
uncertainties. Actual results may vary materially from the expectations
contained therein. The factors that could cause actual results to differ
materially from the projections, forecasts, estimates and expectations discussed
therein may include factors that are beyond the company's ability to control or
estimate precisely, such as the ultimate requirements of the company's lenders,
projections about the efficiencies that may be achieved by the company's
initiatives, expectations about member response to the company initiatives,
estimates of future market conditions in the hardware industry, the behavior of
other market participants in the industry and the actions and economic
conditions in the service territories of the company's members. Other risk
factors are detailed from time to time in the company's SEC reports. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as to the date of this document. The company does not undertake any
obligation to publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this letter.

Item 7. Exhibit

99.1     Press release, dated August 11, 2001





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                            TRUSERV CORPORATION
                                            (Registrant)




Date: August 13, 2001                       By /s/ Pamela Forbes Lieberman
                                            ----------------------------------
                                            Name:  Pamela Forbes Lieberman
                                            Title: Chief Operating Officer,
                                            Chief Financial Officer and
                                            Senior Vice President





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EX-99.1

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                                 [TRUSERV LOGO]

                                Earnings Release


                     TRUSERV REPORTS SECOND QUARTER EARNINGS
                    PROFIT IMPROVEMENTS BUFFER SLUGGISH SALES


CHICAGO, August 11, 2001 - TruServ Corporation reported today revenue for the
quarter ended June 30 of $747.8 million, down 34.2 percent from the same period
a year ago. Revenue was down 10.5 percent after excluding net sales from the
lumber business, which was sold in December of 2000.
         Earnings for the quarter were $2.6 million, down from $11.9 million
from the same period a year ago. Earnings increased quarter over quarter by $0.6
million, after excluding the direct earnings of $4.1 million from the lumber
business in the second quarter of last year and excluding restructuring charges
and unusual legal and refinancing costs of $4.4 million and $1.4 million,
respectively, incurred in the second quarter of this year.
         Improved mix of warehouse sales versus manufacturer direct sales to
members together with the effects of cost reduction initiatives more than offset
the loss of earnings from lower hardware revenue. Reductions in both corporate
staff and the distribution network, together with lower advertising expense, all
helped in the reduction of the co-op's costs.
         Revenue for the six months ended June 30 was $1.4 billion, down 35.2
percent from the same period a year ago. Revenue was down 9.9 percent after
excluding last year's revenue from the lumber business.
         The net loss for the first six months was $11.4 million, down from net
income of $3.0 million from the same period a year ago. Earnings decreased only
$0.2 million period over period, after excluding the direct earnings of $7.5
million from the lumber business in the first half of last year and
restructuring charges and unusual legal and refinancing costs of $5.0 million
and $1.7 million, respectively, incurred in the first six months of this year.
         As of June 30, senior and revolver debt was $400 million, compared with
$529 million outstanding for the same period a year ago, a reduction of nearly
25 percent.
         "Both the sale of the lumber business and improved working capital
performance has significantly helped our debt position," said Pamela Forbes
Lieberman, Chief Operating Officer


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and Chief Financial Officer. "Clearly, we're on the right path and we'll
continue to reduce our debt as we raise cash and lower expenses."
         TruServ's refinancing initiative continues on track. Appraisals are now
complete on the co-op's real estate, fixed assets and inventory. Three
prospective lenders have essentially completed their financial due diligence,
including reviewing TruServ's financial statements and business plan in great
detail.
         The co-op's senior management team met with both current lenders as
well as three prospective lenders over the last couple of weeks to present
TruServ's business plan. These meetings were very positive. The prospective
lenders are now working through their internal underwriting and commitment
approval process.
         TruServ is prepared to receive commitment letters by late August/early
September. Accepting a commitment in that timeframe could put TruServ in a
position to close on the new financing in the fourth quarter.
         Meanwhile, TruServ is working with their current lenders to extend
further the reservation of rights letter into the fourth quarter or the early
part of 2002. The original letter, which is still in force, has been extended
several times previously.


This earnings release may contain forward-looking statements that involve risks
and uncertainties. The following factors could cause results to differ
materially from management expectations as projected in such forward-looking
statements: seasonal variations, competition, risks of new business areas, the
availability and cost of real estate and construction, and changes in federal or
state legislation or regulations. Members are referred to the "Cautionary" Note
Regarding Forward-Looking Statements" in the Company's most recent Form 10-K
which Note is incorporated into this news release by reference.

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