LL Flooring, the hardwood flooring retailer formerly known as Lumber Liquidators, will still close hundreds of stores despite finding a last-minute buyer following a bankruptcy filing.
Less than a month after filing for Chapter 11 bankruptcy protection, the Virginia-based company says it is now “winding down operations.” Friday afternoon, it secured a last-minute buyer, with private equity firm F9 investments set to acquire 219 stores and a distribution center.
While the deal means all LL Flooring stores wont close, some 211 will. That includes 117 locations where closing were recently initiated and 94 others that were already in the process when the company filed for Chapter 11 bankruptcy protection Aug. 11.
LL Flooring started the closing process last week, with closing sales at hundreds of stores Friday. The retailer says store closures should be completed over the next 12 weeks, with timing varying by location.
“This is not the outcome that …