LL Flooring Holdings, Inc.: going-concern / distress — LL Flooring signs asset purchase agreement with F9 Investments for going-concern sale of 219 stores

LL Flooring Holdings, Inc.

F9 Investments (through LumLiq2, LLC) to acquire 219 stores, distribution center inventory, IP, and other assets.
Purchase price: $0.57 per landed cost of inventory plus $1M for IP and FF&E; assumes contract cure costs.
Transaction expected to close by September 30, 2024, subject to Bankruptcy Court approval and conditions.
Company had filed a liquidation pivot notice on August 30 but later reached this going-concern deal.
211 stores are conducting store closing sales; 219 continuing stores remain open serving customers online and in-store.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

LL Flooring Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-08-11).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-08-11

Exact text from the filing

the Company, together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”), filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 Cases are being jointly administered under the caption In re LL Flooring Holdings, Inc., et al. , case number 24 11680.

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Source: SEC EDGAR

accession 0001193125-24-215962

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