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Retailer LL Flooring has filed for bankruptcy and plans to close more than 90 stores, according to a filing with the U.S. Securities and Exchange Commission.
The company filed for Chapter 11 bankruptcy relief in U.S. Bankruptcy Court for the District of Delaware on Sunday. The company said in a statement that it aims to “pursue a sale of the business as a going concern.”
“After a comprehensive effort to strengthen our liquidity in a challenging macro environment, we have determined that filing for Chapter 11 bankruptcy protection is the best path forward for our company,” CEO Charles Tyson said.
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Tyson said the filing is “intended to provide LL Flooring with additional time and financial flexibility” as it downsizes its operations and closes some stores while selling the remainder of the business as a going concern.
LL Flooring store in Beltsville, MD on August 21, 2023. (Nathan Howard/Bloomberg/via Getty Images)
The company has already begun closing-out sales at 94 of its more than 300 stores, and LL Flooring says those 94 stores will remain open and continue to serve customers during the closure process.
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The company’s remaining portfolio of physical stores and online marketplace will “continue to serve customers with few changes to store operations and policies,” according to a statement.
LL Flooring store in Rockville, MD on August 21, 2023. (Nathan Howard/Bloomberg/via Getty Images)
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Tyson said that as the legal process progresses, the company “remains committed to serving our valued customers and working smoothly with our vendors and partners.”
The company said it secured $130 million in debtor-in-possession financing from a group of existing banks led by Bank of America.
