Bankruptcy and Closure Plans
, formerly known as Lumber Liquidators, has filed for Chapter 11 bankruptcy and plans to close all its stores after failing to secure a buyer.
The company will begin liquidation sales, with closures expected to complete within 12 weeks. This decision affects approximately 1,970 employees.
Financial Struggles and Historical Context
LL Flooring has struggled with profitability, facing a significant drop in net sales and accumulating debts over recent years. The company disclosed total debts exceeding $416 million against assets of just over $501 million.
Founded in 1993, LL Flooring expanded nationwide but faced turmoil, including a name change and legal issues over product safety, before its recent financial troubles led to the bankruptcy filing.