LL Flooring to go dark after no buyer emerges
The specialty retailer of hardwood flooring formerly known as Lumber Liquidators is going out of business after efforts to find a buyer failed.
LL Flooring said it is winding down operations, with store closing sales at all remaining locations set to begin on Sept. 6. The company filed for bankruptcy in August, saying it was in discussions with multiple parties to sell its business. But in a new statement, LL Flooring said that while it had actively negotiated with multiple bidders, its efforts “have not resulted in an offer, with the necessary financing, that would maximize the value of LL Flooring.”
“Under Chapter 11 rules, the company is required to achieve the highest or otherwise best offer for the company’s business or assets and, in this case, it was determined that a sale of the company’s individual assets, holding closing sales at our stores and winding down the business will deliver the most value to its creditors,” LL Flooring stated.
In a letter to customers, LL Flooring CEO Charles Tylson said that “this is not the outcome that any of us had hoped for.”
“We sincerely appreciate the loyalty of our customers over the last three decades, and as we begin to wind down operations and close our stores, we are committed to doing so as smoothly as possible to minimize the impact on you, our associates and the communities we serve,” Tyson said.
Customers’ flooring orders will be fulfilled within 30 days, the company said. But new installation appointments will stop after Sept. 6. After starting on Sept. 6, closing sales will be held during the subsequent approximately 12 weeks, with the timing of closures varying from store to store.
In its August bankruptcy filing, LL Flooring listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $100 million to $500 million. At the time, it also entered into an agreement with Hilco Merchant Resources to assist it in store closing sales at 94 locations nationwide, and noted it has more than 300 stores open with few changes to store operations and policies.
