LL Flooring, the flooring company formerly known as Lumber Liquidators, is going out of business after the bankrupt company failed to find a buyer.
LL Flooring filed for Chapter 11 bankruptcy protection last month and said it was in negotiations with several parties to sell its business. The company also announced that it would close 94 stores across the United States
But in one statement on wednesday the company said that the talks had yielded no offer and that it now plans to wind down the business. Approximately 2,000 workers will lose their jobs.
LL Flooring, which launched in Stoughton, Mass., as Lumber Liquidators in 1994, said it would hold liquidation sales at its approximately 200 remaining stores as the company moves to close them over the next 12 weeks.
“According to the Chapter 11 rules, the company is required to obtain the highest or otherwise best offer for the company’s business or assets and in this case it was determined that a sale of the company’s individual assets, holding closing sales in our stores and winding down the business will deliver the most value to its creditors, LL Flooring said in its statement.
The company told customers that they can still place orders online and in-store until the closing process is complete and that existing orders for installations will be completed within 30 days. New orders for installation cannot be placed after September 6, the company said.
Lumber Liquidators was once the largest specialty wood flooring supplier in North America. But a 2015″60 minutes” report revealed that the company, then known as Lumber Liquidators, had dangerous levels of formaldehyde in its flooring. In 2019, LL Flooring agreed to pay $33 million in fines for misleading investors about the levels of the chemical in its Chinese-made laminate flooring.