LL Flooring, formerly known as Lumber Liquidators, has found a last-minute buyer for its retail stores. Just recently, the company announced its plans to close all 200 of its nationwide stores and six in the Phoenix metro area and go out of business. However, at the eleventh hour an investor stepped in and secured a deal.
F9 Investments has acquired LL Flooring’s assets including 219 stores, their Virginia distribution center, online platform and intellectual property. This Miami-based private equity firm is led by Thomas Sullivan who founded Lumber Liquidators back in 1994 and is also an existing shareholder. According to Sullivan,the rebranded stores will continue operating under the name Lumber Liquidators.
The company went public in 2007 but faced financial difficulties due to higher interest rates and a decline in home sales resulting in fewer home improvement projects being undertaken by consumers. In order to revamp their image after facing scrutiny from “60 Minutes” regarding formaldehyde levels found within their products,the company changed its name to LL Flooringin2022.
In light of this recent development,F9 Investments’ acquisition means that six LL Flooringstores located withinthe Phoenix metro area will remain open for business as usual.This news was first reported on Connect CRE.
