LL Flooring St. Cloud to Close Amid Chapter 11 Filing

(KNSI) — The St. Cloud location of LL Flooring is closing as the company declares Chapter 11.

According to U.S. Courts, a case filed under Chapter 11 of the United States Bankruptcy Code is frequently called a “reorganization” bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the court may confirm the plan if it gets the required votes and satisfies certain legal requirements.

Formerly known as Lumber Liquidators, the Richmond, Virginia-based company filed with the Securities and Exchange Commission, saying it is aiming to pursue a “going-concern sale” of the business. A going-concern sale is when a business is sold while it’s still operating, and the buyer can continue the business as usual.

LL Flooring’s president and Chief Executive Officer, Charles Tyson, said, “Initiating this Chapter 11 process is the best path forward for the Company.”

A press release on the LL Flooring website says “LL Flooring is generally operating in the normal course through this process and remains focused on providing customers with a broad range of hard and soft surface flooring and an exceptional shopping experience.”

No timeline was given for the official closing date, but the St. Cloud location’s website says, “This LL Flooring store location will be closing soon. Shop in store for liquidation deals. All sales final.”

___