LL Flooring files for Chapter 11 bankruptcy seeking sale of business, closing 94 stores

From Investing.com: 2024-08-11 23:15:32

LL Flooring, a specialty flooring retailer, has filed for Chapter 11 bankruptcy proceedings and is seeking a going-concern sale of its business. The company has secured $130 million in debtor-in-possession financing and is looking to close 94 of its stores in the process. They are also in active negotiations with multiple bidders for the sale. LL Flooring is one of the top U.S. retailers of hard-wood surface flooring, with over 300 stores nationwide. The company listed estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million, according to court filings in the Bankruptcy Court for the District of Delaware. Last year, LL Flooring said it was exploring strategic alternatives, including a possible sale. In October 2023, U.S. investment firm Live Ventures offered to buy the company for roughly $180 million in cash.



Read more at Investing.com: LL Flooring files for bankruptcy, to pursue sale of business By Reuters