LL Flooring Holdings, Inc. filing for Chapter 11 Bankruptcy
LL Flooring Holdings, Inc., formerly Lumber Liquidators, files for Chapter 11 Bankruptcy, closing 94 stores and trying to sell remaining locations due to post-pandemic challenges.
Key Points
- Founded in 1994 by Tom Sullivan
- Facing post-pandemic challenges like low home sales and increased interest rates
- Marketing itself for potential buyers for over a year
- Stock prices dropped significantly from peak in 2013
Pros
- Opportunity to restructure debt and operations for long-term sustainability.
Cons
- Closure of stores may lead to job losses and impact local economies.