Home Improvement Store With 7 Minnesota Locations Closing Soon
A home improvement store that once used to be a top competitor to chains like Home Depot has announced it's closing all of its locations. The 30-year-old hardware store chain filed bankruptcy just weeks ago and now has decided to close all of its stores.
LL Flooring, formerly known as Lumber Liquidators is liquidating its assets after filing for bankruptcy.
The New York Post reports that the company decided to close after several negotiations didn't bring the best offer for the company.
Chapter 11 Rules In Play
When the company filed for Chapter 11, the rules state that the company has to achieve the best offer for the business or assets. In this case, it was determined that the best outcome would be to hold closing sales at stores, and winding down the business. That would be the most value to the creditors.
Closing Sales At All Locations
Closing sales began on September 6th and will continue until the closing process is complete. They anticipate the closing process to take 12 weeks but could vary by store.
Read More: Retail Giant Announces Closing Of 150 Locations
High Interest Rates & Inflation Could Be To Blame
Sales have been dropping in recent years for LL Flooring. It's likely that the high interest rates and high inflation have led customers to cut back on spending on home renovations.
Minnesota Locations Affected
LL Flooring has 7 locations in Minnesota.
Customers who have ordered flooring and installations will have those completed within 30 days, but as of September 6th, LL Flooring stopped offering installations.
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Gallery Credit: Liz Barrett Foster