In a stark reminder of the challenging economic climate, LL Flooring, formerly known as Lumber Liquidators, has announced it will be closing all of its stores just weeks after filing for bankruptcy. This decision marks the end of a 30-year legacy for the company, which once stood as a formidable competitor to retail giants like Home Depot.

LL Flooring, which at its peak operated over 400 stores across the United States, has been forced into liquidation after efforts to secure a viable path forward failed. Despite engaging in negotiations with multiple potential buyers, the company was unable to secure an offer that would preserve its operations and maximize value for its stakeholders.

In a statement regarding its restructuring efforts, the company explained, “LL Flooring has been working hard to pursue a going-concern sale of the Company and has actively negotiated with multiple bidders. These discussions have not resulted in an offer, with the necessary financing, that would maximize the value of LL Flooring.” The company further stated that under Chapter 11 rules, they are obligated to achieve the highest or otherwise best offer for the company’s assets. In this case, it was determined that a sale of individual assets and the winding down of operations would deliver the most value to creditors.

The company began its “orderly wind-down of operations” during the week of September 3, with closing sales at all remaining stores starting on September 6. The entire closure process is expected to be completed within 12 weeks, although the exact timing will vary by location.

The downfall of LL Flooring is a cautionary tale in today’s volatile economic environment. The company filed for Chapter 11 bankruptcy on August 11, following reports in July that signaled financial trouble. Sales had been steadily declining over the past few years, a situation exacerbated by rising interest rates and persistent inflation, which have forced many consumers to cut back on discretionary spending, particularly on home renovations.

The financial markets have not been kind to LL Flooring Holdings Inc. since its bankruptcy filing. The company’s stock has plummeted from 84 cents to a mere 2 cents, reflecting the grim outlook for its future.

For customers who have pending orders, LL Flooring has committed to fulfilling installations within 30 days. However, no new installations will be offered after September 6. Furthermore, customers who have already paid a deposit will not be eligible for cancellations or refunds, as all sales are now final.

“We have been proud to serve our customers over the years and thank you again for your business and turning to us for your flooring needs,” wrote CEO Charles Tyson in a final message to customers.

Founded by Tom Sullivan in 1994, Lumber Liquidators rebranded as LL Flooring in 2021, following a damaging 2015 investigation by “60 Minutes.” The investigation revealed that large quantities of the company’s flooring, sourced from China, contained dangerously high levels of carcinogenic formaldehyde. In 2019, the company agreed to pay $33 million to settle federal charges related to the safety of its laminate flooring.

LL Flooring’s closure is part of a broader trend of retail struggles in the face of economic headwinds. In July, Bob’s Stores, a beloved regional retailer that had served families across the Northeast for 70 years, also announced it would permanently shut its doors.

As inflation continues to bite and consumers tighten their belts, more retailers may find themselves in similar dire straits, leaving behind a trail of shuttered stores and lost jobs. The demise of LL Flooring serves as a stark reminder of the harsh realities facing businesses in today’s challenging economic landscape.