The LL Flooring store in Fairless Hills will close as part of a reorganization of its parent company, LL Flooring Holdings, through Chapter 11 bankruptcy proceedings.
LL Flooring was formerly known as Lumber Liquidators, CBS News reports. The company offers hardwood, vinyl and laminate flooring as well as tiling and carpets.
Flooring at the Fairless Hills store, 150 Lincoln Highway, has been discounted 20%.
The company plans to close 94 stores while keeping 300 throughout the United States and its online ordering site open for business. Other stores in Pennsylvania to close are a store in Exton and one on Columbus Boulevard in Philadelphia.
A complete list of store closings is available at https://www.llflooring.com/store-closings/.
The company announced it has received a “debtor-in-possession (DIP) financing of up to $130 million from its existing bank group led by Bank of America.” This, combined with funds from its ongoing operations should cover the business during the proceedings taking place in the U.S. Bankruptcy Court for the District of Delaware.
Charles Tyson, LL Flooring president and CEO, said Sunday, “Today’s step is intended to provide LL Flooring with additional time and financial flexibility as we reduce our physical footprint and close certain stores while pursuing a going-concern sale of the rest of our business.”
A spokesperson said the going-concern sale is a plan for the remaining stores “to be sold and continue to operate.” She said that “macroeconomics and operational issues” led to the company’s challenges.
The closing stores will offer their in-stock merchandise at discounts until they shut down within the next few months. No orders can be placed for flooring that isn’t in stock at those stores, the spokesperson said, although flooring may be available from other stores.
Workers at the closing stores will be employed until their closure.
The company published a list of frequently asked questions to alert customers when flooring must be delivered, that gift cards will be honored until Sept. 3 at all stores and stipulations for installation, refunds and warranties.
More information on the closings is available at www.LLFlooringRestructuring.com.
Join our readers whose generous donations are making it possible for you to read our news coverage. Help keep local journalism alive and our community strong. Donate today.
