LL Flooring has officially agreed to sell 219 of its stores to F9 Investments, as announced on Friday.

This announcement follows LL Flooring’s recent decision to shut down over 400 locations across the country.

On August 11, LL Flooring filed for Chapter 11 bankruptcy after spending several months addressing liquidity issues and trying to manage debt, according to legal documents submitted to the U.S. Bankruptcy Court in Delaware.

On September 6, the company disclosed their plans to close stores and initiate liquidation sales, and now they have secured a potential buyer.

Charles Tyson, LL Flooring’s president and CEO, expressed optimism about the agreement with F9 Investments, stating, “We are happy to have established this deal as we strive to maintain operations and serve our customers.”

Tyson further emphasized their dedication to working closely with vendors and partners throughout this process.

Additionally, LL Flooring will collaborate with Hilco Merchant Resources, LLC to conduct closing sales at 211 of its outlets. This includes the newly announced 117 closures and the 94 stores previously designated for closure before the Chapter 11 filing.

YSL News has reached out to F9 Investments for additional comments.

Here are the crucial details regarding LL Flooring’s deal.

What are the specifics of the LL Flooring deal?

According to the release, F9 Investments will “acquire 219 store locations, inventory therein, LL Flooring’s distribution center in Sandston, Virginia, along with the company’s intellectual property and other assets.”

The completion of this transaction is anticipated by the end of September, pending “Bankruptcy Court approval and other necessary closings,” as indicated in the release.

Who is taking over LL Flooring?

Tom Sullivan, the chairman of F9 Investments, and former CEO of LL Flooring, confirmed in an interview with FloorDaily.net that he and Jason Delves, the CEO of F9 Investments, will oversee the 219 acquired LL Flooring locations.

The agreement encompasses not only the stores but also the warehouse facilities and intellectual property, according to Sullivan.

Sullivan stated that reverting to the Lumber Liquidators brand is not merely a nod to nostalgia, but a customer-focused decision.

“The success of this company was driven by dedicated employees in the stores,” Sullivan remarked.

The return to the recognizable black and yellow logo was viewed as an effective strategy to swiftly revitalize the brand, Sullivan added.

“It’s essentially going back to the core principles,” he stated. “There’s an inherent appeal in Lumber Liquidators.”

A brief history of LL Flooring

LL Flooring, previously known as Lumber Liquidators, began its journey from modest origins, the company claims, operating initially “out of a pickup truck” in Stoughton, Massachusetts, located approximately 21 miles south of Boston.

The company adopted the name LL Flooring in 2020 during a period of dwindling stock prices, as reported by Floor Covering Weekly.

A 2015 investigation from CBS’s “60 Minutes” highlighted the presence of elevated formaldehyde levels in the company’s products, a substance linked to cancer.

Locations of LL Flooring stores

LL Flooring operates more than 400 locations throughout the United States. Below is a breakdown of the states where LL Flooring has a presence:

• Alabama: 7
• Arizona: 7
• Arkansas: 3
• California: 37
• Colorado: 10
• Connecticut: 7
• Delaware: 4
• Florida: 32
• Georgia: 13
• Idaho: 2
• Illinois: 15
• Indiana: 9
• Iowa: 3
• Kansas: 2
• Kentucky: 5
• Louisiana: 6
• Maine: 3
• Maryland: 9
• Massachusetts: 12
• Michigan: 13
• Minnesota: 7
• Mississippi: 4
• Missouri: 8
• Montana: 1
• Nebraska: 2
• Nevada: 2
• New Hampshire: 6
• New Jersey: 15
• New Mexico: 1
• New York: 21
• North Carolina: 18
• North Dakota: 1
• Ohio: 15
• Oklahoma: 3
• Oregon: 9
• Pennsylvania: 21
• Rhode Island: 1
• South Carolina: 10
• Tennessee: 9
• Texas: 26
• Utah: 3
• Vermont: 1
• Virginia: 17
• Washington: 11
• West Virginia: 5
• Wisconsin: 8