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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.
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 offered to buy the company for
roughly $180 million in cash.
(Reporting by Kanjyik Ghosh; Editing by Sonia Cheema)
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