LL Flooring — once known as Lumber Liquidators — closing all of its over 400 stores after bankruptcy filing

In July, Bob’s Stores, the beloved shop that had clothed family members across the northeast for 70 years, announced it would permanently close its doors in all its locations in the US’s newest retail casualty.

The 30-year-old equipment shop which as soon as operated over 400 stores in the United States claimed it chose to liquidate after a number of settlements didn’t lead to the “finest offer for the business.” Rick Cinclair/Telegram & Gazette/ USA TODAY NETWORK

The 30-year-old hardware store which once operated over 400 shops in the United States said it chose to liquidate after several arrangements didn’t cause the “best offer for the company.” Rick Cinclair/Telegram & Gazette/ United States TODAY NETWORK

“LL Floor covering has been striving to go after a going-concern sale of the Firm and has actually actively discussed with numerous prospective buyers. These discussions have actually not led to a deal, with the required financing, that would maximize the value of LL Floor covering,” the firm stated in an update on its restructuring strategy.

Reports of an upcoming personal bankruptcy had been recurring since July as the company’s sales had been progressively tipping over the previous few years– likely because of a consumer costs cutback on home renovations amid high rate of interest and stubborn rising cost of living.

“Under Phase 11 regulations, the Business is needed to achieve the greatest or otherwise best deal for the Business’s company or assets and, in this instance, it was determined that a sale of the Company’s specific assets, holding closing sales at our stores and unwinding business will supply the most value to its financial institutions.”