LL Flooring closes 94 stores and files for bankruptcy. See where they are.
The home improvement retailer, formerly known as Lumber Liquidators, is closing nearly 100 stores but keeping 300 open. The Richmond, Virginia-based company has filed for bankruptcy.
Which well-known retail stores have filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are struggling with deteriorating financial conditions.
LL Flooring has announced that it will close 94 stores in over 30 states after filing for Chapter 11 bankruptcy.
The company, formerly known as Lumber Liquidators, said in a filing Sunday in Delaware Bankruptcy Court that it had nearly $110 million in long-term debt.
The Richmond, Virginia-based company said in filings that declining home sales and rising interest rates contributed to declining sales in the home improvement market. The company’s 300 other stores will remain open.
LL Flooring announced that as part of the bankruptcy proceedings, it will stop accepting gift cards at any of its stores, including those that are not closing, on Sept. 4, and that gift cards cannot be exchanged for cash. The company said in the filing that it has about $131 million worth of gift cards outstanding.
LL Flooring said in the filing that the company had tried to find a buyer but was willing to seek offers to close additional stores if no buyer was found.
“The Company is in discussions with potential buyers of the Company and this process will allow us to evaluate binding offers in a court-supervised process to maximize value for all of our stakeholders,” LL Flooring wrote in a letter to its customers. “While this could change, the Company currently expects to complete the sale of the Company by the end of September if a buyer is found.”
The company said it had received $130 million in a Chapter 11 financing process, with the funds provided by existing lenders, most notably Bank of America.
Where does LL Flooring close?
To view store closings in your area, click on the state name to go directly to the state or scroll through the list below
Alabama | Arizona | California | Colorado | Connecticut | Florida | Georgia | Illinois | Indiana | Iowa | Louisiana | Massachusetts | Maryland | Michigan | Minnesota | Mississippi | Missouri | Nevada | New Jersey | New York | North Carolina | Ohio | Oregon | Pennsylvania | Tennessee | Texas | Utah | Virginia | Washington | West Virginia | Wisconsin
Alabama
Arizona
California
Colorado
Connecticut
Florida
Georgia
Illinois
Indiana
Iowa
Louisiana
Massachusetts
Maryland
Michigan
Minnesota
Mississippi
Missouri
Nevada
New Jersey
new York
North Carolina
Ohio
Oregon
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
Former Lumber Liquidators retailer is last to close stores
LL Flooring is the latest retailer in a string of stores to close.
Big Lots, a major discount retailer, said this month in a filing with the Securities and Exchange Commission that it may close up to 315 stores.
Big Lots has marked the closure of some stores on the affected location’s information page. The company has not released a list of the stores it plans to close.
The Columbus Dispatch, part of the USA TODAY Network, reported that the Columbus-based retailer listed 293 locations as “soon to close.”
“In 2024, the U.S. economy will continue to face macroeconomic challenges such as increased inflation, which has negatively impacted the purchasing power of our customers,” Big Lots said in the statement.
The company reported that revenue in the first quarter of 2024, which ended in May, fell more than 10% year-over-year.
