LL Flooring has announced it found a last-minute buyer, reversing course on shutting down all of its stores.
The hardwood flooring retailer formerly known as Lumber Liquidators signed an agreement with private equity firm F9 Investments for a sale of its business on September 6. Under terms of the deal, expected to close by the end of September, F9 will acquire 219 stores, a Virginia distribution center, and LL Flooring’s intellectual property and other assets.
During the Chapter 11 process and as the company works to complete the going-concern sale of the business, LL Flooring continues to generally operate in the normal course and remains focused on providing customers with a broad range of hard and soft surface flooring and an exceptional shopping experience.
The 219 continuing stores that are part of the asset purchase agreement, along with the company’s online platform, are open and continuing to serve customers with few changes to store operations and policies.
Closing sales are continuing at 211 store locations, including the recently initiated 117 store closings and the 94 store closings already in process that had been previously announced on August 11, 2014. These locations will remain open and serve customers through the store closing process.
Just weeks after filing for Chapter 11, LL Flooring previously said that it would be “winding down operations” and closing all of its stores after failing to find a buyer in negotiations. The retailer expected the process to take about 12 weeks.
See previous coverage here.