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LL Flooring Holdings announced, as part of its ongoing Chapter 11 process, the company has signed an agreement with F9 Investments for a going-concern sale of business. Under the terms of the purchase agreement, F9 Investments will acquire all 219 stores, inventory, three distribution centers, intellectual properties and other company assets.
The acquisition is expected to be completed by the end of September, subject to the approval by the Bankruptcy Court and various closing conditions.
“We are pleased to have reached this agreement with F9 Investments for a going-concern sale following significant efforts by our team and advisors to preserve the business and maintain ongoing operations,” says Charles Tyson, LLC Flooring chief executive officer. “As we move through the court-supervised process toward the approval and completion of this transaction, we remain committed to continuing to serve our valued customers and working closely with our vendors and partners. I continue to be appreciative of the ongoing focus and efforts of our associates to provide the best experience for our customers.”
While the company had filed materials with the Bankruptcy Court on Aug. 30, 2024, regarding the intent to pivot to a full liquidation of the business, the company was able to subsequently reach the asset purchase agreement with F9 Investments that will maintain the business as a going-concern, pending approval by the Bankruptcy Court.
LL Flooring also continues to work with Hilco Merchant Resources LLC, to assist the company in store closing sales at 211 of its locations, including the recently initiated 117 store closings and the 94 store closings already in process that had been previously announced on Aug. 11, 2014. These locations will remain open and serving customers through the store closing process.
