twenty workers lose jobs as LL Flooring

One of Home Depot’s and Lowe’s competitors, LL Flooring, is closing its doors for good. Among the largest flooring suppliers in the United States for decades, the company has been around since 1993 (when it was known as Lumber Liquidators).

The company’s president and CEO, Charles Tyson, announced Friday that, starting in 12 weeks, all stores will be closing. According to a statement released by Tyson, “We regret to inform you that we have decided to start the process of winding down LL Flooring’s business and closing all of our stores.” His statement was filled with sadness. “None of us had anticipated this result.”

Earlier this year, LL Flooring filed for Chapter 11 bankruptcy, started looking for a buyer, and closed nearly 100 of its 442 stores. This move follows those events. According to Tyson, “a challenging macro environment” was the reason behind the store’s problems back then.

There was no sale even though the corporation supposedly had talks with multiple bidders. In order to maximise the value it could deliver to its creditors, the company decided to liquidate its assets and hold closing sales at its stores to sell off merchandise before finally shutting down.

Starting on Friday, the remaining 200+ stores will be having their closing sales as they gradually shut down over the following three months.

There are 37 LL Flooring stores in California, 32 in Florida, 26 in Texas, 21 in Pennsylvania, and 21 in New York State. The closures will lead to the loss of employment for approximately 2,000 people. Additionally, the business has announced that they will finish all flooring installation orders that have already been placed within the next 30 days, but they will not be accepting any new orders at this time.

Inflation and frugal families have been a problem for home improvement stores, and now LL Flooring is going out of business. Modernising their homes appears to be one area where Americans can afford to cut costs, given their penchant for slashing spending wherever possible. Consequently, home improvement retailers have witnessed a precipitous decline in sales, with a number going out of business altogether.

After just acquiring W.S. Badcock and over three hundred and seventy Badcock Home Furniture & More stores in December, Conn’s HomePlus announced in July that it would be closing at least seventy of its one hundred and seventy Conn’s stores by filing for Chapter 11.

Liquidation sales are scheduled to conclude by October 31, 2024, and all of Conn’s and Badcock’s approximately 600 stores will be closed within the next few days, according to the trade publication FurnitureToday. Additionally, 315 stores will be shuttered by Big Lots, which brings the total number of stores it has closed to 415.

The announcement was made by LL Flooring CEO Tyson, who expressed gratitude for the customers’ loyalty over the last 30 years. He also promised to close the stores and wind down operations as smoothly as possible in order to minimise the impact on everyone involved.

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twenty workers lose jobs as LL Flooring

By knl9j

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