LL Flooring, previously known as Lumber Liquidators, filed for Chapter 11 bankruptcy late Sunday night. The specialty flooring company plans to close 94 of its more than 300 stores nationwide as part of its reorganization efforts.
The company is also looking to sell and is actively negotiating with multiple potential buyers. During the bankruptcy process, LL Flooring says it will continue operating “in the normal course.”
Charles Tyson, President and CEO of LL Flooring, stated that the decision to file for bankruptcy was made after extensive efforts to improve the company’s financial position in a challenging economic environment. He mentioned that the Chapter 11 process would give the company additional time and flexibility as it reduces its physical footprint and closes certain stores while pursuing a sale of the remaining business.
In North Carolina, the Burlington location is expected to close. While there are several LL Flooring stores in the Charlotte area, the Burlington store is the only one in the Carolinas listed for closure.