LL Flooring files for bankruptcy, to pursue sale of business (updated)

Ll Flooring Holdings

12/08/2024 04:14

(Rewrites throughout)
       Aug 11 (Reuters) - Specialty flooring retailer LL
Flooring  LL.N  said on Sunday that it had commenced Chapter 11
bankruptcy proceedings and will pursue a going-concern sale of
its business.
    The company is in active negotiations with multiple bidders
and is looking for court approval for the sale of its business
in the first few weeks of the bankruptcy proceedings, it said in
a statement.
    The Richmond, Virginia-headquartered firm also said that it
had secured $130 million in debtor-in-possession (DIP) financing
from an existing bank group led by Bank of America  BAC.N .
    LL Flooring also said that it is looking to close 94 of its
stores.
    LL Flooring is one of the leading U.S. retailers of
hard-wood surface flooring, with over 300 stores across the
country.
    The company listed estimated assets in the range of $500
million to $1 billion and liabilities in the range of $100
million to $500 million, according to a court filing in the
Bankruptcy Court for the District of Delaware. 
    Last year, LL Flooring said that it was exploring strategic
alternatives, including a possible sale. In October 2023, U.S.
investment firm Live Ventures  LIVE.O  offered to buy the
company for roughly $180 million in cash. 

 (Reporting by Kanjyik Ghosh; Editing by Sonia Cheema)
 ((Kanjyik.Ghosh@thomsonreuters.com;))