( WJET/WFXP ) — LL Flooring, formerly known as Lumber Liquidators, filed for Chapter 11 bankruptcy late Sunday night.
The specialty flooring company announced it will close 94 locations nationwide of its over 300 stores.
LL Flooring is reorganizing and also hopes to sell the company, saying it is actively engaged in negotiations with “multiple bidders.” The company says that, during the Chapter 11 bankruptcy process, it will be “generally operating in the normal course.”
“After comprehensive efforts to enhance our liquidity position in a challenging macro environment, a determination was made that initiating this Chapter 11 process is the best path forward for the Company,” Charles Tyson, President and Chief Executive Officer of LL Flooring, said in a statement included in a press release. “Today’s step is intended to provide LL Flooring with additional time and financial flexibility as we reduce our physical footprint and close certain stores while pursuing a going-concern sale of the rest of our business.”