A famous flooring company in the US has filed for Chapter 11 bankruptcy in Delaware, necessitating the closure of 94 retail locations across the country.
The company, LL Flooring, previously recognised as Lumber Liquidators, is currently negotiating with several parties to sell its business, continues to serve customers through more than 300 retail stores nationwide and its online platform.
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In the bankruptcy announcement, LL Flooring cited 'several macroeconomic and operational challenges' as factors contributing to its financial difficulties. Entering Chapter 11 bankruptcy will grant the company time and flexibility to close certain stores while exploring the sale of the remainder of its business.
Source: www.cbsnews.com