Business

LL Flooring Files for Bankruptcy, Plans Store Closures and Business Sale

Aug 12, 2024 1 min read

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LL Flooring, previously known as Lumber Liquidators, has filed for Chapter 11 bankruptcy and plans to close 94 of its over 300 stores across the United States. The company, based in Richmond, Virginia, is pursuing a going-concern sale and is in active negotiations with multiple bidders. During the bankruptcy process, LL Flooring intends to continue operating normally and has secured $130 million in debtor-in-possession financing from a bank group led by Bank of America.

The closures will impact stores in 31 states, including Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin. The company holds estimated assets and liabilities each in the range of $500 million to $1 billion. The bankruptcy filing aligns with a broader trend of retail companies facing financial difficulties, leading to store closures and seeking bankruptcy protection.

#bankruptcy #finance #markets

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