Important Takeaways:

• One of America’s biggest flooring suppliers has filed for bankruptcy – the latest in a long line of retailers this year to face money problems.
• LL Flooring will shut 94 of its 442 stores, which are spread out across 47 states, to cut costs and make the company attractive to a buyer.
• The retailer, which specializes in hardwood flooring, has faced falling sales over the past year as families cut back on remodeling their homes.
• As well as cutting costs under the Chapter 11 bankruptcy, bosses at LL Flooring are talking to several potential buyers for the 30-year-old company.
• Bosses say they expect the company will survive and will meet all existing orders while it reorganizes.
• LL Flooring is the latest to shutter stores this year, with the US on course to lose nearly 8,000 physical locations by the end of 2024.
• Macy’s is closing 150 shops – a third of its total – while Dollar Tree is shutting 1,000 and drug store Rite Aid will close almost 800.

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