After facing financial struggles and announcing plans to close all its stores, the retail chain formerly known as Lumber Liquidators has found a last-minute buyer. The company, now rebranded as LL Flooring, had previously stated that it would be shutting down 200 locations nationwide and six in the Phoenix metro area. However, an investor stepped in at the eleventh hour to secure a deal.
F9 Investments, a private equity firm based in Miami led by Thomas Sullivan who founded Lumber Liquidators in 1994 and is also an existing shareholder of the company, will be purchasing 219 stores along with their Virginia distribution center, online platform and intellectual property. According to Sullivan,the stores will continue operating under the Lumber Liquidators name.
The struggling company went public back in 2007 but faced challenges due to rising interest rates and declining home sales which resultedin fewer home improvement projects being undertaken by consumers. In order to rebrand after negative publicity from a “60 Minutes” report on formaldehyde levels found in its products,the company changed its name earlier this year (2022). Despite these setbacks,the announcement that six LL Flooring stores located within Phoenix-area will remain open comes as welcome news for both employeesand customers alike.
