LL Flooring, hardware store once known as Lumber Liquidators, to close all 400 stores in bankruptcy proceeding
foxbusiness.comCheck out whats clicking on FoxBusiness.com.
National retailer LL Flooring, previously known as Lumber Liquidators, has announced it is getting out of business after 30 years following a failed effort to find a buyer just weeks after filing for bankruptcy.
The Richmond, Virginia-headquartered firm, which had 442 nationwide stores open until recently, says it will permanently shutter after negotiations with multiple bidders did not result in an offer, the company announced on its website. The company said last month it had already initiated closing down 94 stores.
Known for offering hard surface flooring products and being a formidable competitor to Home Depot, LL Flooring filed for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware in early August, with the company saying it secured $130 million in debtor-in-possession financing from an existing bank group led by Bank of America.
LL FLOORING TO CLOSE 94 STORES AS IT FILES FOR BANKRUPTCY
An LL Flooring store in Beltsville, Maryland. Retailer LL Flooring, previously known as Lumber Liquidators, is set to close after 30 years in business following a failed effort to find a buyer just weeks after filing for bankruptcy. (Nathan Howard/Bloomberg via Getty Images / Getty Images)
However, under Chapter 11 rules, LL Flooring says it’s required to achieve the highest or otherwise best offer for the company’s business or assets.
And, given the lack of a buyer, it determined that a sale of its individual assets, holding closing sales at stores and winding down the business would deliver the most value to creditors.
«As a result, it is with a heavy heart that we must let you know that we are going to begin the process of winding down LL Flooring’s
Read more on foxbusiness.com
