The retail store, formerly known as Lumber Liquidators, found a last-second buyer. Just last week, the company, now called LL Flooring, informed the public that it planned to close all its stores and go out of business, shuttering 200 stores nationwide and six in the Phoenix metro area. But an investor entered at the last minute and secured a last-minute deal.
F9 Investments will buy 219 stores along with its Virginia distribution center, online platform and intellectual property. F9 is a Miami private equity firm led by Thomas Sullivan, who founded Lumber Liquidators in 1994 and is an existing shareholder. Sullivan says the stores will re-open under the Lumber Liquidators name.
The company, which went public in 2007, blamed its troubles on higher interest rates and a drop in home sales, which led to fewer home improvement projects. It changed its name in 2022 to rebrand after a “60 Minutes” report on heightened formaldehyde levels in its products.
Read More: 6 Phoenix-Area LL Flooring Stores Will Stay Open
