LL Flooring, which was better known for most of its 30 years as Lumber Liquidators, is about to be liquidated after failing to find a buyer.
The chain, which has about 200 stores left across the country, filed for Chapter 11 bankruptcy three weeks ago, but in an update posted Wednesday, the company said it now plans to wind down operations. Store closing sales will begin Friday, Sept. 6.
“LL Flooring has been working hard to pursue a going-concern sale of the Company and has actively negotiated with multiple bidders,” the company wrote. “These discussions have not resulted in an offer, with the necessary financing… 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.”
Customers with existing appointments to have flooring installed will see those orders fulfilled within 30 days. As of Friday, though, the company says it will stop making installation appointments. The overall store closure process is expected to take 12 weeks, though some stores will shut down sooner than that.
Store credits will continue to be honored. Thursday, though, is your last chance to cancel any orders. As of Sept. 6, all sales will be final.
Lumber Liquidators changed its name to LL Flooring in 2021 following a string of PR disasters, including a 60 Minutes piece that included video of the company’s suppliers saying they provided products that included higher levels of formaldehyde than allowed by regulatory standards. The company ended up paying $36 million in 2018 to settle class-action suits from customers who bought that flooring, but did not admit wrongdoing.
It was hit with a $33 million penalty later for misleading investors.
