LL Flooring Finds Last-Minute Buyer and Plans To Get ‘Back to Basics’

Previously known as Lumber Liquidators, LL Flooring has secured a last-minute deal to keep many of its stores open, despite announcing last week that it was going out of business for good. Equity firm F9 Investments has agreed to buy the ailing flooring retailer’s assets and intellectual property.

The agreement, estimated to close by the end of the month, includes the purchase of 219 LL Flooring stores, inventory, and a distribution center. However, roughly 211 LL Flooring locations are still on the chopping block as closing procedures have already begun.

“As we move through the court-supervised process toward the approval and completion of this transaction, we remain committed to continuing to serve our valued customers and working closely with our vendors and partners,” LL Flooring CEO Charles Tyson said in a press release announcing the deal.

After years of financial woes, LL Flooring sought Chapter 11 bankruptcy on Aug. 11, with the intention of finding a buyer. Yet, almost one month later, no acceptable purchase offers surfaced, and the retailer went into full-scale liquidation mode. The initial 12-week plan was to close all 442 locations and lay off 2,000 employees.

Yet, that plan was scrapped when a suitable buyer came forward. F9 Investments, owned by Lumber Liquidators’ founder Tom Sullivan, approached LL Flooring with a turnaround plan that will attract “customers that want a great deal.”

“We’ll be getting back to basics,” Sullivan said, per the Associated Press. “Basically, yellow and black is coming back.”

Sullivan went on to mention that current stores will be discounting most of the inventory left behind from LL Flooring. Moving forward, store floor plans will be optimized, which will include discontinuing products that either do not sell well or are too similar to other flooring options. To improve shipping efficiency, locations will work alongside another F9 Investments brand, Cabinets To Go.

LL Flooring has been struggling for years as customer foot traffic declined and demand weakened as borrowing costs increased. In 2023, net sales dropped over 18%. Per the company’s Chapter 11 filing documents, total debts amounted to approximately $416 million, with assets about $501 million.