Mon Sep 09 16:13:00 UTC 2024: ## LL Flooring Finds Buyer After Bankruptcy Filing, Avoiding Liquidation
**WILMINGTON, DE** – In a surprising turn of events, struggling home improvement retailer LL Flooring (formerly Lumber Liquidators) has secured a buyer after previously announcing plans to liquidate. F9 Investments, the company’s largest shareholder, has agreed to acquire LL Flooring in a going-concern sale.
The deal, expected to close at the end of the month, will see F9 take ownership of 219 stores, a distribution center in Virginia, and LL Flooring’s intellectual property. This comes after LL Flooring filed for Chapter 11 bankruptcy last month, citing pressure in the home improvement sector and vendor concerns. The company had initially planned to close nearly 100 stores.
The acquisition marks a victory for F9 Investments, which had previously urged LL Flooring’s board to adopt its slate of nominees, criticizing the board’s “poor and puzzling operational and financial decisions.” This follows a failed takeover attempt by F9 subsidiary Cabinets to Go last year.
Despite the challenges, LL Flooring CEO Charles Tyson expressed optimism about the deal, highlighting the company’s efforts to preserve the business and continue serving its customers. “We are pleased to have reached this agreement with F9 Investments,” he stated.
Analysts, however, remain cautious about LL Flooring’s future prospects, pointing to the competitive landscape and the company’s recent retreat from its diversity and climate goals, which sparked controversy.
The acquisition still requires approval from the U.S. Bankruptcy Court for the District of Delaware and the fulfillment of certain closing conditions.
First Piper 