Flooring retailer to close three Minnesota stores amid bankruptcy

LL Flooring is moving to close nearly 100 stores nationwide amid bankruptcy proceedings, including three in Minnesota.

The Richmond, Virgina-based company, formerly known as Lumber Liquidators, announced Sunday it had commenced voluntary Chapter 11 bankruptcy proceedings.

Closing sales are being initiated at 94 of the company's approximately 300 retail stores, including the stores in Chanhassen, St. Cloud and Rochester.

In a statement Sunday , Charles Tyson, president and chief executive officer of LL Flooring, said company leaders believe the Chapter 11 process is the best path forward for the company.

"Today’s step is intended to provide LL Flooring with additional time and financial flexibility as we reduce our physical footprint and close certain stores while pursuing a going-concern sale of the rest of our business," he shared.

According to Bloomberg , a decline in home sales and rising interest rates have contributed to the financial pressure faced by the home improvement company.

Closing timelines for the three Minnesota stores are currently unknown.

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