LL Flooring Signs Agreement with F9 Investments for Going-Concern Sale of Business

Asset Purchase Agreement Includes Acquisition of 219 Stores, Certain Inventory, Intellectual Property and Other Assets

Company Continues to Serve Customers and Provide a Broad Range of Hard and Soft Surface Flooring Both Online and in Stores

LL Flooring Holdings, Inc. (“LL Flooring” or the “Company”), announced that, as part of its ongoing Chapter 11 process, the Company has signed an agreement with F9 Investments for a going-concern sale of the business. Under the terms of the asset purchase agreement, F9 Investments will acquire 219 stores, inventory in those stores and in the Company’s Sandston, Virginia, distribution center, LL Flooring’s intellectual property and other company assets. The transaction is expected to be completed by the end of September, subject to approval by the Bankruptcy Court and other closing conditions.

Charles Tyson, President and Chief Executive Officer of LL Flooring, said,“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. 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.”

As previously communicated, prior to entering the Chapter 11 process, the Company conducted extensive marketing processes with respect to its business and certain of its assets. The marketing process garnered significant interest, and the Company has used the Chapter 11 proceedings to continue pursuing a going-concern sale of its business under the Bankruptcy Code. While the Company had filed materials with the Bankruptcy Court on August 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.

During the Chapter 11 process and as the Company works to complete the going-concern sale of the business, LL Flooring continues to generally operate in the normal course and remains focused on providing customers with a broad range of hard and soft surface flooring and an exceptional shopping experience. The 219 continuing stores that are part of the asset purchase agreement, along with the Company’s online platform, are open and continuing to serve customers with few changes to store operations and policies.

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 August 11, 2014. These locations will remain open and serving customers through the store closing process.

Additional information about the Company’s Chapter 11 process is available at www.LLFlooringRestructuring.com.

Court filings and other information related to the proceedings are available on a separate website administrated by the company’s claims agent, Stretto, at https://cases.stretto.com/LLFlooring; by calling Stretto representatives toll-free at 855-314-5841, or 714-716-1925 for calls originating outside of the U.S. or Canada; or by emailing Stretto at TeamLLFlooring@stretto.com.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, Houlihan Lokey is serving as financial adviser, and AlixPartners LLP is serving as restructuring advisor to the Company.

To view the original release, click here.

About LL Flooring

LL Flooring is one of the country’s leading specialty retailers of hard-surface flooring with more than 300 stores nationwide. The Company seeks to offer the best customer experience online and in stores, with more than 500 varieties of hard-surface floors featuring a range of quality styles and on-trend designs. LL Flooring’s online tools also help empower customers to find the right solution for the space they’ve envisioned. LL Flooring’s extensive selection includes waterproof hybrid resilient, waterproof vinyl plank, solid and engineered hardwood, laminate, bamboo, porcelain tile, and cork, with a wide range of flooring enhancements and accessories to complement, as well as carpet in select stores. LL Flooring stores are staffed with flooring experts who provide advice, Pro partnership services and installation options for all of LL Flooring’s products, the majority of which is in stock and ready for delivery.

Contact:

Leigh Parrish / Ed Trissel / Spencer Hoffman – Joele Frank, Wilkinson Brimmer Katcher – (212) 355-4449

Source: LL Flooring Holdings, Inc.