LL Flooring, previously known as Lumber Liquidators, is going out of business after failing to find a buyer to save the 30-year-old retailer. Following its bankruptcy, the company will begin liquidating its assets. Sales at its remaining 200 stores will commence on September 6, initiating an orderly wind-down of operations expected to conclude in approximately 12 weeks.
This closure will result in roughly 2,000 workers losing their jobs. LL Flooring began as Lumber Liquidators around three decades ago, focusing on buying and selling excess inventory. The company expanded its operations to offer about 500 varieties of hard-surface flooring and had more than 400 locations at its peak in 2018.
After filing for Chapter 11 bankruptcy three weeks ago, LL Flooring started closing 94 locations while seeking a buyer. Despite active negotiations with multiple bidders, no offer materialized that would maximize the value of the company.
LL’s closing sales and liquidation
In a recent statement, LL Flooring announced that selling individual assets and holding closing sales would deliver the most value to its creditors. “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 business and closing all of our stores,” the company said in a letter to customers. Existing customer orders will be fulfilled within 30 days, but new installation appointments will cease after September 6.
LL Flooring rebranded from Lumber Liquidators in 2021 after several controversial years. A 2015 “60 Minutes” investigation revealed the company’s suppliers were providing products with formaldehyde levels exceeding regulatory standards. This led to a $36 million settlement in class-action lawsuits in 2018, and in 2019, the company agreed to pay $33 million in penalties for misleading investors.
The closure of LL Flooring adds to a growing list of well-known retailers shutting their doors as consumer spending on non-essential items decreases. Other affected retailers include Z Gallerie, Mitchell Gold + Bob Williams, and Conn’s HomePlus, which recently filed for bankruptcy and are closing all stores. Additionally, Big Lots has announced plans to shutter a quarter of its stores.
- EastIdahoNews.”The company formerly known as Lumber Liquidators is going out of business”.
- CNN.”The company formerly known as Lumber Liquidators is going out of business”.
- CBSNews.”LL Flooring, formerly Lumber Liquidators, is liquidating after failing to find a buyer”.