LL Flooring Holdings Inc., the company formerly known as Lumber Liquidators, has filed for Chapter 11 bankruptcy protection and is closing 94 stores, including three in Arizona.The company said in its Aug. 11 filing that it is in active negotiations with “multiple bidders” to find a buyer in a “going concern sale” and hopes to seek court approval for a sale in the first few weeks of its bankruptcy proceedings. It is saddled with $110 million in long-term debt.”This step is intended to provide LL Flooring with additional time and financial flexibility as we reduce our physical footprint and close certain stores while pursuing a going-concern sale of the rest of our business,” the company said on a new website set up during the restructuring process.The three stores slated for closure in Arizona are in Mesa, at 1845 South Power Road; in Phoenix, at 2120 S. 7th Street; and in Prescott Valley, at 6689 E. 1st Street. LL The stores set for closure, which span 31 states from coast to coast, will remain open as the sale process begins.California, Texas, Florida and Illinois will see the most closures, with 34 of the 94 total stores.The company intends to keep more than 300 stores open nationally; they will all continue to operate normally. In Arizona, those LL Flooring locations are in Scottsdale, Peoria, Chandler and Tucson.LL Flooring (NYSE: LL) said it has lined up $13 …
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