(StraightShooterNews.com) – In undeniable proof of the abysmal state of the U.S. economy under the Biden-Harris administration, a significant player in the flooring market and a rival to Home Depot has announced it will shut down all its stores.
Formerly known as Lumber Liquidators, LL Flooring’s decision came shortly after the company filed for bankruptcy.
This move followed a decline in sales over the past few years, attributed to reduced consumer spending on home renovations due to high interest rates and ongoing inflation.
The company, which started 30 years ago and once had over 400 U.S. stores, is liquidating following unsuccessful negotiations to secure a favorable buyout.
“LL Flooring has been working hard to pursue a going-concern sale of the Company and has actively negotiated with multiple bidders,” the company stated as it updated on its restructuring efforts.
“These discussions have not resulted in an offer, with the necessary financing, that would maximize the value of LL Flooring,” it added.
According to Chapter 11 bankruptcy rules, the company must secure the highest or otherwise best offer for its assets.
In this situation, the decision made was to sell off individual assets, hold store closing sales and wind down operations to best serve creditors.
The company started winding down operations in early September, with store-closing sales beginning on September 6.
The entire process is expected to take 12 weeks, though the timing will vary from store to store.
LL Flooring filed for Chapter 11 on August 11, initiating a voluntary restructuring.
Since filing for bankruptcy, LL Flooring Holdings Inc.’s stock price has plummeted from 84 cents to 2 cents.
The company will fulfill customer installations within 30 days, but no new installation services will be offered after September 6.
Additionally, from that date, all sales are final and no cancellations or refunds are available even for those who have already paid a deposit.
LL Flooring CEO Charles Tyson expressed gratitude to customer, saying, “We have been proud to serve our customers over the years and thank you again for your business and turning to us for your flooring needs.”
LL Flooring is the latest casualty in a retail sector struggling with persistent inflation and economic pressures affecting consumer budgets.
This follows the closure of Bob’s Stores in July, marking another significant retail downturn in the Northeast U.S.
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