After securing a last-minute buyer, LL Flooring is reversing course on shutting down all of its stores .
The hardwood flooring retailer formerly known as Lumber Liquidators signed an agreement with private equity firm F9 Investments for a sale of its business on Friday afternoon. Under terms of the deal, expected to close by the end of September, F9 will acquire 219 stores and a Virginia distribution center - as well as LL Flooring's intellectual property and other assets.
Another 211 LL Flooring stores are still set to close, however. That includes 117 locations where closings were recently initiated and 94 others that were already in the process when the Virginia company filed for Chapter 11 bankruptcy protection on August 11.
Just weeks after filing for Chapter 11, LL Flooring previously said that it would be "winding down operations" and closing all of its stores after failing to find a buyer in negotiations. The retailer expected the process to take about 12 weeks.
But that changed after a deal was reached with F9 on Friday. In a statement, LL Flooring president and CEO Charles Tyson said that company was "pleased to have reached this agreement" with F9 "following significant efforts by our team and advisors to preserve the business."
