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LL Flooring, which was better known for most of its 30 years as Lumber Liquidators, is about to be liquidated after failing to find a buyer.<\/p>\n
The chain, which has about 200 stores left across the country, filed for Chapter 11 bankruptcy three weeks ago, but in an update<\/a> posted Wednesday, the company said it now planned to wind down operations. Store closing sales will begin Friday Sept. 6.<\/p>\n \u201cLL Flooring has been working hard to pursue a going-concern sale of the Company and has actively negotiated with multiple bidders,\u201d the company wrote. \u201cThese discussions have not resulted in an offer, with the necessary financing. \u2026 It was determined that a sale of the Company\u2019s individual assets, holding closing sales at our stores and winding down the business will deliver the most value to its creditors.\u201d<\/p>\n Customers with existing appointments to have flooring installed will see those orders fulfilled within 30 days. As of Friday, though, the company says it will stop making installation appointments. The overall store closure process is expected to take 12 weeks, though some stores will shut down sooner than that.<\/p>\n Store credits will continue to be honored. Thursday, though, is your last chance to cancel any orders. As of Sept. 6, all sales will be final. \u00a0<\/p>\n Lumber Liquidators changed its name to LL Floring in 2021 following a string of PR disasters<\/a>, including a 60 Minutes<\/em> piece that included video of the company\u2019s suppliers saying they provided products that included higher levels of formaldehyde than allowed<\/a> by regulatory standards. The company ended up paying $36 million in 2018 to settle class action suits from customers who bought that flooring, but did not admit wrong-doing.<\/p>\n It was hit with a $33 million penalty later for misleading investors.<\/p>\n<\/div>\nExplore our new special issue.\u00a0<\/strong>A Wall Street legend gets a radical makeover, crypto iniquity, misbehaving poultry royalty, and more.\u00a0Read the stories.<\/a><\/div>\n<\/div>\n