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Update on Chapter 11 Process

LL Flooring Signs Agreement for Going-Concern Sale of Business

LL Flooring 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.
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The transaction is expected to be completed by the end of September, subject to approval by the Bankruptcy Court and other closing conditions.
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.

LL Flooring is Continuing to Serve Customers

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.
Closing sales are continuing at 211 store locations, including the recently initiated 117 store closings and the 94 store closings already in process that had been previously announced on August 11, 2024. These locations will remain open and serving customers through the store closing process.