A flooring store in Rochester is one of three stores in Minnesota — and 94 nationwide — that will close as part of a bankruptcy filing.
LL Flooring Holdings Inc. has filed for Chapter 11 bankruptcy and is closing three of its stores in Minnesota — in Chanhassen, Rochester And St. Cloud.
Four more – in Blaine, Burnsville, Duluth And Woodbury — remains open.
The company – formerly known as Lumber Liquidators – says it is in active negotiations with several bidders and has filed for reorganization under the U.S. Chapter 11 process “to achieve a sale of the company as a going concern.”
The company’s website states that while it is trying to find a buyer, it expects to continue:
— Working with our suppliers, customers and other business partners as usual;
– Paying employees and providing benefits;
– We continue to serve our customers with a wide range of hard floor coverings online and in store; and
– Fulfilling our business obligations, including paying vendors and suppliers in full under normal terms for goods and services provided on or after the filing date.
According to the Minneapolis/St. Paul Business Journal (paywall), LL Flooring says it has secured financing to keep operations going during Chapter 11 proceedings. The Journal says the company “attributed its difficulties to higher interest rates and a decline in home sales, which has led to fewer home improvement projects.”
The Journal also notes that LL Flooring has $110 million in long-term debt.
The closed stores in St. Cloud, Rochester and Chanhassen will remain open during the closure process.
In the long term, the company plans to keep around 300 stores open nationwide and continue operations as normal.
Credit: The Minneapolis/St. Paul Business Journal (Paywall)
MORE TO DISCOVER: Breathtaking views of Minnesota
