51°
The flooring company - once known as Lumber Liquidators - plans to shutter the doors of two locations in Maryland, and one in Virginia amid its massive reorganization process.
In Maryland, stores in Edgewood (Harford County) and Lutherville (Baltimore County), while in Virginia, the Woodbridge (Prince William County) store is on the chopping block.
According to CEO Charles Tyson, who wrote a letter to customers, while they plan to close 94 stores, they will still have more than 300 still operating, as well as their online platform.
He said the company is in discussions with possible buyers of the company, and the Chapter 11 process is a legal tool that "will provide the time and financial flexibility as (they) pursue a going concern-sale of the business.
"This process will allow us to evaluate binding bids through a court-supervised process in order to maximize value for all of our stakeholders, including our valued customers."
A sale is expected by the end of September if a proper buyer is identified.
"As we move through this process, we are committed to continuing to serve our valued customers, and to working seamlessly with our vendors and partners," Tyson wrote in a separate statement.
"I am appreciative of our associates for their ongoing hard work in providing the best experience for our customers.”
The complete list of stores set to close amid the negotiations can be found here. LL Flooring's restructuring plan can be found here.
Want breaking news in the DMV as it happens, or want to contribute? Join the DMV All Incidents Facebook group.
Click here to follow Daily Voice Arlington and receive free news updates.
