USA – LL Flooring has filed for Chapter 11 bankruptcy and plans to close over 90 of its stores, according to a U.S. Securities and Exchange Commission filing.

The company aims to pursue a sale of its business while reducing its physical footprint. CEO Charles Tyson stated that this process is intended to provide financial flexibility and time as they navigate the situation.

Currently, LL Flooring is conducting store closing sales at 94 locations, while over 300 stores will remain open with minimal operational changes. The Richmond, Virginia-based retailer has secured USD130 million in debtor-in-possession financing from a bank group led by Bank of America to support its operations during the proceedings.

In court documents, LL Flooring reported estimated assets between USD 500 million and USD 1 billion, with liabilities ranging from USD 100 million to USD 500 million. The company intends to pay vendors and suppliers in full for services provided after the filing date, pending court approval.