Hardwood flooring giant LL Flooring Holdings Inc., formerly Lumber Liquidators, has filed for Chapter 11 bankruptcy protection as it closes dozens of stores and attempts to sell its remaining locations.
I am a home remodeling contractor. Peaked in Over 420 locations The U.S. and Canadian investor filed for Chapter 11 bankruptcy protection in Delaware on Sunday, citing about $110 million in “long-term debt.” Bloomberg Reported.
LL Flooring plans to close 94 stores when the bankruptcy process begins, but its remaining 300 stores will continue to operate normally for the time being.
The company, founded in 1994 by building contractor Tom Sullivan, faced several challenges post-pandemic, including slowing home sales and rising interest rates.
The company also said it has been pitching to potential buyers for more than a year, with Bloomberg reporting that it is “seeking bids to sell the business and continue to operate its stores, but will also solicit offers to close the stores if it cannot find a ‘viable buyer’.”
Stock Price Peaked The stock was trading at about $120 a share in November 2013, but as of Friday it was down to just 84 cents.
