Formerly | Lumber Liquidators (1994-2020; 2024-present) LL Flooring (2020–2024) |
---|---|
Company type | Subsidiary |
Industry | Retailing |
Founded | 1994Stoughton, Massachusetts, U.S. | in
Founder | Tom Sullivan |
Headquarters | Richmond, Virginia, U.S. |
Number of locations | 410 (Dec. 2020) [1] |
Area served | United States, Canada |
Key people | Tom Sullivan (Chairman) Jason Delves (CEO) |
Revenue | US$ 1.098 billion (2020) [1] |
US$ 56.28 million (2020) [1] | |
US$ 61.43 million (2020) [1] [2] | |
Total assets | US$ 674.3 million (2020) [1] |
Total equity | US$ 227.6 million (2020) [1] |
Number of employees | 2,230 (2020) [1] |
Parent | F9 Investments (2024-present) |
Website | www |
Lumber Liquidators is an American retailer of hard-surface flooring including hardwood, laminate, vinyl plank, tile, bamboo and cork, as well as flooring tools and accessories. The company filed for Chapter 11 bankruptcy on August 11, 2024, [3] and was able to avoid liquidation 3 months later after a last minute deal to be acquired by original founder Tom Sullivan.
Lumber Liquidators Flooring was started in 1994 by Tom Sullivan, a building contractor who began purchasing excess wood from other companies. He then resold the wood from the back of a trucking firm's yard in Stoughton, Massachusetts. Three years later in 1996, the company found their niche market in hardwood flooring. On January 5, 1996, the company's first store opened in West Roxbury, Massachusetts, and sold 150 square feet of floors on the first day. By August of that year, they opened up a second store in Hartford, Connecticut. [4]
The company has grown to be one of the largest retailers of hardwood flooring in the United States.[ citation needed ] It expanded to more than 375 Lumber Liquidators stores with over 1,000 employees in 47 states and Canada. It also launched online e-commerce, catalogs, and its Virginia call center. By the end of 2018 the company was operating over 415 stores across North America.
The company is currently headquartered in Richmond, Virginia. The company's CEO is Charles E. Tyson. Prior to its bankruptcy, the firm was listed and traded under NYSE : LL. In 2019 the company announced it would be moving the corporate offices from Toano to Richmond VA.
In 2009, Lumber Liquidators began sponsoring Scripps' HGTV, DIY Network and ABC's Extreme Makeover: Home Edition . [5]
The company expanded into Canada in the fourth quarter of 2010. The expansion plan was to add 36 to 40 stores. [6]
In April 2020, the company publicly rebranded itself, changing its name to LL Flooring. The corporate entity name was changed to LL Flooring Holdings, Inc. effective January 1, 2022. [7]
In July 2024, LL Flooring warned that it may file for Chapter 11 bankruptcy within the coming weeks due to slow sales and a high decline in home renovation, as the company warned it may run out of money within the third quarter. As a result, the company's stock fell nearly 20% to around 92 cents per share. [8] On August 11, 2024, LL Flooring filed for Chapter 11 bankruptcy protection in Delaware. The company planned to pursue a sale of all of its assets and would close 94 locations as part of the sale. [9]
On September 3, 2024, LL Flooring announced that it would shut down its operations and close all 424 locations nationwide after being unable to come to a stalking horse agreement with bidders. [10] However, on September 9, the company reached a last-minute agreement with F9 Investments, a private-equity firm led by the company's founder Thomas Sullivan. [11] F9 Investments received court approval to acquire the company on September 16. [12] The remaining locations rebranded back to Lumber Liquidators by October 2024.[ citation needed ]
A 2013 report by the Environmental Investigation Agency revealed that Lumber Liquidators' indiscriminate and poor sourcing practices resulted in the destruction of critically endangered tiger habitats and forests. [13]
Further investigation led to the conviction of a Russian supplier in 2014. Shortly after the conviction, Lumber Liquidators lost about 20% in stock value for potential violation of the Lacey Act.
During 2015, the company was the subject of a 60 Minutes report. [14] [15] The broadcast accused the company of selling an unsafe type of Chinese-made laminate flooring that contained dangerous levels of the carcinogen formaldehyde that exceeded emissions standards. [16] [17] [18] Hedge fund manager Whitney Tilson had shorted the company's stock after it more than doubled in a year, and paid $5,000 to test three pieces of wood; he said that formaldehyde levels in the wood he tested were two to six times the California Air Resources Board limits. [19] Shares of the company dropped 25% the day after the broadcast; eight months later it was down 75%. [16] [20] The company ultimately paid a $33 million penalty. [21]
A number of class action lawsuits were filed by customers, due to the formaldehyde issue and other customer service issues.
On June 16, 2015, Lumber Liquidators announced the "unexpected" resignation of its CEO, Robert Lynch. It also announced the termination of its Chief Merchandising Officer, William Schlegel. It also declared it would discontinue the sale of laminate flooring products manufactured in China. [22]
The company's founder, Tom Sullivan, served as interim CEO following the resignation. He was replaced in November 2015 by John Presley. [23]
On October 22, 2015, Lumber Liquidators pleaded guilty in federal court to the illegal importation of hardwood flooring. [24] In February 2016, a federal judge sentenced the company to $13.15 million in penalties, consisting of $7.8 million in criminal fines, $3.15 million in civil forfeiture, $1 million in criminal forfeiture, and $1.2 million to conservation organizations. [25] It was the largest financial penalty ever issued for violating the Lacey Act of 1900. [26] [27]
Flooring is the general term for a permanent covering of a floor, or for the work of installing such a floor covering. Floor covering is a term to generically describe any finish material applied over a floor structure to provide a walking surface. Both terms are used interchangeably but floor covering refers more to loose-laid materials.
Engineered wood, also called mass timber, composite wood, man-made wood, or manufactured board, includes a range of derivative wood products which are manufactured by binding or fixing the strands, particles, fibres, or veneers or boards of wood, together with adhesives, or other methods of fixation to form composite material. The panels vary in size but can range upwards of 64 by 8 feet and in the case of cross-laminated timber (CLT) can be of any thickness from a few inches to 16 inches (410 mm) or more. These products are engineered to precise design specifications, which are tested to meet national or international standards and provide uniformity and predictability in their structural performance. Engineered wood products are used in a variety of applications, from home construction to commercial buildings to industrial products. The products can be used for joists and beams that replace steel in many building projects. The term mass timber describes a group of building materials that can replace concrete assemblies.
Big Lots Stores, Inc. is an American discount retail chain, specializing in the sale of closeout and overstock merchandise. Founded in 1967 as Consolidated Stores, the chain is headquartered in Columbus, Ohio, and includes over 900 locations across the United States.
A bamboo floor is a type of flooring manufactured from the bamboo plant. The majority of today's bamboo flooring products originate in China and other portions of Asia. Moso bamboo is the species most commonly used for flooring.
Laminate flooring is a multi-layer synthetic flooring product fused together with a lamination process. Laminate flooring simulates wood with a photographic appliqué layer under a clear protective layer. The inner core layer is usually composed of melamine resin and fiber board materials. There is a European Standard No. EN 13329:2000 specifying laminate floor covering requirements and testing methods.
Gottschalks was a middle-tier American department store that operated 58 department stores and three specialty apparel stores in six western states ; some locations ran as Harris-Gottschalks stores. Prior to liquidation, it was the largest independently owned, publicly traded department store chain in the United States. On January 14, 2009, Gottschalks filed for Chapter 11 bankruptcy. This bankruptcy became a liquidation on March 31, 2009. At least five prime locations became Macy's stores, while several more became Forever 21 stores.
Laminated veneer lumber (LVL) is an engineered wood product that uses multiple layers of thin wood assembled with adhesives. It is typically used for headers, beams, rimboard, and edge-forming material. LVL offers several advantages over typical milled lumber: Made in a factory under controlled specifications, it is stronger, straighter, and more uniform. Due to its composite nature, it is much less likely than conventional lumber to warp, twist, bow, or shrink. LVL is a type of structural composite lumber, comparable to glued laminated timber (glulam) but with a higher allowable stress. A high performance more sustainable alternative to lumber, Laminated Veneer Lumber (LVL) beams, headers and columns are used in structural applications to carry heavy loads with minimum weight.
Carson Pirie Scott & Co. is an American department store that was founded in 1854, which grew to over 50 locations, primarily in the Midwestern United States. It was sold to the holding company of Bon-Ton in 2006, but still operated under the Carson name. The entire Bon-Ton collection of stores, including Carson's, went into bankruptcy and closed in 2018. Bon-Ton's intellectual property was quickly sold while in bankruptcy, and the new owners reopened shortly afterwards as a BrandX virtual retailer.
Armstrong World Industries, Inc. is a Pennsylvania corporation incorporated in 1891. It is an international designer and manufacturer of wall and ceiling building materials. Based in Lancaster, Pennsylvania, AWI has a global manufacturing network of 26 facilities, including nine plants dedicated to its WAVE joint venture.
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Christmas Tree Shops was an American chain of big-box specialty retail stores, headquartered in Middleborough, Massachusetts. At its peak, the chain operated 72 stores in 20 U.S. states, primarily in the Northeast. The company filed for bankruptcy in 2023 and closed all of its stores by August 12, 2023, officially ending its 53-year legacy.
Columbia Forest Products is the largest manufacturer of hardwood veneer and hardwood plywood in the United States. Founded in 1957, it is headquartered in Greensboro, North Carolina. It specializes in decorative, interior veneers and plywood panels that are used in high-end cabinetry, fine furniture, architectural millwork and commercial fixtures. The company distributes its products primarily through a network of wholesale distributors, mass merchandisers and OEMs. Since 1976, the company has been completely employee-owned and currently has 10 manufacturing facilities throughout the U.S. and Canada. At the end of 2006, Columbia converted all of its standard hardwood plywood production to produce formaldehyde-free panels called PureBond. In 2007 Columbia added PureBond formaldehyde-free particleboard to its product range.
China Medical Technologies, Inc. (CMED) was a Cayman Islands corporation based in China, currently in liquidation following fraud allegations. It purported to develop, manufacture, and market high intensity focused ultrasound therapy systems, advanced in vitro diagnostic ("IVD") products using enhanced chemiluminescence ("ECLIA") technology, fluorescent in-situ hybridization ("FISH") technology, and surface plasmon resonance (“SPR”) technology to detect and monitor various diseases and disorders.
Express, Inc. is an American fashion retailer whose portfolio includes Express, Bonobos and UpWest. The Company operates an omnichannel platform as well as physical and online stores. The company consists of the brands Express, Bonobos, and UpWest, and is traded on the OTC Pink under the symbol EXPR.
Sustainable flooring is produced from sustainable materials that reduces demands on ecosystems during its life-cycle. This includes harvest, production, use and disposal. It is thought that sustainable flooring creates safer and healthier buildings and guarantees a future for traditional producers of renewable resources that many communities depend on. Several initiatives have led the charge to bring awareness of sustainable flooring as well as healthy buildings. Below are examples of available, though sometimes less well-known, eco-friendly flooring options. The Asthma and Allergy Foundation of America recommends those with allergies to dust or other particulates choose flooring with smooth surfaces – such as hardwood, vinyl, linoleum tile or slate.
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Cabinets To Go is an American specialty cabinet retail store chain, offering cabinets for kitchens, bathrooms, laundry rooms, mudrooms, and garages. Founded in 2008 by Tom Sullivan, also founder of Lumber Liquidators. Cabinets To Go is headquartered in Lawrenceburg, Tennessee. The first store opened in Miami, Florida, and now operate 106 stores.
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