Which well-known retail stores have filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are struggling with deteriorating financial conditions.
LL Flooring, formerly known as Lumber Liquidators, announced it will close four stores in Ohio while closing 94 stores nationwide.
The flooring company filed for Chapter 11 bankruptcy on Sunday, citing falling home sales and rising interest rates, according to a press release on its website. LL Flooring is the latest company to follow a trend of store closures by companies such as Big Lots, Rite Aid and Walgreens.
LL Flooring said in the filings that it has tried to find a buyer for the company but is willing to seek offers to close more stores if it cannot find a buyer, according to USA TODAY. According to the filings, the company has nearly $110 million in long-term debt and as a result plans to close 94 stores in 32 states.
“After extensive efforts to improve our liquidity position in a difficult macroeconomic environment, it was determined that initiating this Chapter 11 proceeding was the best path forward for the company,” said Charles Tyson, CEO of LL Flooring. The company’s other 300 stores will remain open.
Which stores are closing in Ohio?
Of the 15 stores in Ohio, LL Flooring lists four stores that will be closing. For each store, the company’s website displays a banner at the top of the page indicating that the store is closing. Here are the stores that will be closing soon:
- Southeast Cincinnati: 454 Ohio Pike, Unit #58 (Cherry Grove Plaza), Cincinnati, Ohio
- West Columbus: 4242 West Broad St., Columbus, Ohio
- Reynoldsburg: 2736 Brice Rd. (Brice Park Shopping Center), Reynoldsburg, Ohio
- Solon: 6025 Kruse Drive, Suite 141 (Uptown Solon Center), Solon, Ohio
Customers can take advantage of liquidation offers at the closed stores. All sales are final. Shoppers have until September 3 to redeem gift cards, as shown on LL Flooring’s FAQ page. After that, all stores – even those that remain open – will no longer accept gift cards.
