8-K

                       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) February 21, 2003

                               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)





Item 5. Other Events.

TruServ Corporation issued the attached press release in connection with its
fiscal year 2002 earnings.

Matters discussed in the attached press release may contain 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 February 21, 2003




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: February 24, 2003                     By /s/ David A. Shadduck
                                            ----------------------------------
                                            Name: David A. Shadduck
                                            Title: Senior Vice President and
                                                       Chief Financial Officer

EX-99.1

                                                                    EXHIBIT 99.1


                                 [TRUSERV LOGO]
                                EARNINGS RELEASE


                                             For more information contact:
                                             Shelley Hughes
                                             TruServ Corporation
                                             (773) 695-5258


                         TRUSERV ANNOUNCES 2002 EARNINGS
                       TOTAL DEBT CUT IN HALF DURING 2002


         CHICAGO, FEB. 21, 2003 - Following 11 consecutive months of profits,
TruServ Corporation reported today a 2002 net margin of $21.2 million versus a
net loss of $50.7 million in 2001--a profit improvement of $71.9 million on
revenue of $2.2 billion, versus $2.6 billion for the same period a year ago.
Approximately $105.8 million of the year-to-date sales decline reflects the
effect of the prior year's divestitures of the lumber business and the Canadian
business.

         TruServ also reported a net margin of $0.2 million for the quarter
ended Dec. 31, 2002, versus a net loss of $36.8 million for the same period a
year ago. The co-op reported $524.6 million in revenue in the quarter, down from
$595.3 million for the same period a year ago.

         Principally as the result of several forecasted charges aggregating
$6.1 million, the co-op reported a net loss of $6.4 million for the month ended
Dec. 31, 2002. This compares to a net loss of $46.7 million for the same period
a year ago, which included restructuring and refinancing charges aggregating
$34.2 million. TruServ reported revenue of $180.3 million for the month compared
to $203.1 million for the same period a year ago.

         President and Chief Executive Officer Pamela Forbes Lieberman said, "It
has been a positive year for TruServ. Through changing our culture to one of
performance and accountability, listening to and focusing on our storeowners and
lots of hard work and determination, our team has been successful in achieving a
significant improvement in our business.

         "In fact," continued Forbes Lieberman, "we have reduced our
year-to-date labor and facility costs by approximately $38.7 million compared to
the same time period last year. Our senior debt level of $186.8 million, plus
our member and other debt level of $69.4 million combined is $258.1 million
below our combined debt level at the same time last year. Forty-two percent of
this debt reduction resulted from a sale leaseback transaction for seven
regional distribution centers on the last day of 2002. This is our lowest debt
level since the merger in 1997."

         TruServ, headquartered in Chicago, is one of the world's largest
member-owned wholesale hardware cooperatives with sales of $2.2 billion in 2002.
The TruServ cooperative includes approximately 6,500 independent retailer
locations worldwide operating under the store identities of True Value, Grand
Rental Station, Taylor Rental, Party Central, Home & Garden Showplace and
Induserve Supply. Additional information on TruServ and its retail identities is
available at www.truserv.com.

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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