LL Flooring files for bankruptcy, looks to sell business By Reuters

(Reuters) – Specialty flooring retailer LL Flooring said on Sunday it has filed for Chapter 11 bankruptcy protection and plans to sell its business.

The company is actively engaged in negotiations with several bidders and is seeking court approval to sell its business in the early weeks of the bankruptcy proceedings, it said in a statement.

The Richmond, Virginia-based company also said it has secured $130 million in debtor-in-possession (DIP) financing from an existing banking group led by Bank of America.

LL Flooring also said it plans to close 94 of its stores.

LL Flooring is one of the leading hardwood flooring retailers in the United States, with over 300 stores nationwide.

According to a document filed in bankruptcy court for the District of Delaware, the company estimated its assets at a range of $500 million to $1 billion and its liabilities at a range of $100 million to $500 million.

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 about $180 million in cash.