LL Flooring to Close Its Doors Nationwide

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The LL Flooring store prepares for its closing sale, offering discounts.

News Summary

LL Flooring, formerly Lumber Liquidators, has announced it will close all locations after filing for Chapter 11 bankruptcy. The store closing sales begin on September 6, 2023. This decision impacts nearly 2,000 employees and signifies a major shift in the home improvement market. Customers can expect discounts as the company winds down operations over the next 12 weeks. Additionally, starting September 4, gift cards will no longer be accepted. LL Flooring’s financial struggles and past reputation issues have contributed to this closure.

LL Flooring to Shut Its Doors Nationwide

In a surprising turn of events, LL Flooring, known previously as Lumber Liquidators, is set to close all its remaining stores after filing for Chapter 11 bankruptcy protection just a few short weeks ago. For those who have fond memories of shopping at LL Flooring, this news might hit home a little harder.

What Does This Mean for Customers?

Starting September 6, LL Flooring will kick off store closing sales at all locations across the country. If you’re a fan of their products, now might be the time to grab some great deals. The company has indicated that the winding down process will take about 12 weeks, and the exact closure times may vary from store to store. So, if you have an LL Flooring store nearby, it could be worth stopping by to see what’s left on the shelves.

Currently, there are 12 LL Flooring stores operating in Massachusetts, and since the company was originally founded in the Bay State back in 1993, this marks quite the turn of events in the local retail scene. Indeed, it’s not just a loss for the stores; it represents a significant shift in the home improvement market, which has been feeling the pressure from slowing home sales and rising interest rates.

The Downfall of a Retail Giant

Just this year, LL Flooring boasted over 400 stores. Fast forward to today, and that number has plummeted to around 300 after the bankruptcy filing. Before the final decision to close up shop, the company had already been planning to shutter nearly 100 locations and sell off its remaining stores. Unfortunately, discussions about a going-concern sale didn’t yield any offers, prompting the company to move forward with these closing sales.

The total impact of these closures will be felt across the country. Nearly 2,000 employees, with 99% working full-time, are now facing uncertainty as the company plans its exit. This is a tough break for those who have dedicated their careers to working at LL Flooring.

Financial Woes and Legal Troubles

Adding to the challenges faced by LL Flooring are its substantial financial burdens, including approximately $110 million in long-term debt. The company has had its fair share of troubles in the past, from dealing with a disastrous 2015 “60 Minutes” report regarding high levels of formaldehyde in their laminate flooring to securing a $36 million settlement over the issue in 2017. It’s clear that these challenges have taken a toll on the brand’s reputation and ultimately its business operations.

In light of this, LL Flooring’s plans to wrap up their operations are focused on maximizing value for the company’s creditors. This means those last-ditch store closing sales are not just a way to clear inventory but also a critical step to recover some financial footing before the company shuts its doors for good.

Time’s Running Out for Gift Cards

For those who might have thought about using gift cards, it’s important to note that LL Flooring will stop accepting them at all locations, including those not set to close, starting on September 4. With an estimated $131 million in outstanding gift cards still issued, this cutoff date is a significant deadline for patrons hoping to get one last purchase in at their favorite flooring giant.

As LL Flooring prepares to exit the retail landscape, it’s clear that this is not just a local story; it’s a reflection of broader challenges in the home improvement industry. Whether you’re a homeowner looking for flooring or just interested in retail news, the closing of LL Flooring is a development worth watching as we all adapt to the shifting tides of the marketplace.