LL Flooring Forced to Liquidate as Buyers Fail to Materialize

Published on September 5, 2024

Virginia-based LL Flooring, a specialty retailer of hard-surface flooring, has decided to liquidate its businesses after attempts to secure a buyer as part of bankruptcy proceedings failed. The company filed for Chapter 11 bankruptcy on Aug. 11, seeking a “going-concern” sale of its businesses, which involves selling the assets to a buyer while keeping intact all of the things required to continue running the enterprise. Since then, it has “actively negotiated with multiple bidders,” the company said in a Sept. 4 statement. Chapter 11 rules require that the company secure the highest or the best offer for its businesses or assets. However, the company said that “discussions have not resulted in an offer, with the necessary financing, that would maximize the value of LL Flooring.”...

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