ST. LOUIS — Just weeks after filing for Chapter 11 bankruptcy and announcing it was seeking a buyer, LL Flooring says it will close all of its stores and cease operations.
The Richmond, Virginia-based company (NYSE: LL), which was formerly known as Lumber Liquidators, said it was unable to find a buyer with necessary financing after discussions with multiple bidders.
It said in a regulatory filing that it will close all of its stores nationwide. The company lists 424 stores on its website; it had previously announced the closure of 94 stores, including three in Missouri and seven in Illinois, when it filed for Chapter 11 in early August.
“Under Chapter 11 rules, the Company is required to achieve 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 at our stores and winding down the business will deliver the most value to its creditors,” LL Flooring said in statement Wednesday.
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