Home improvement outlet files for bankruptcy and shutters 94 stores across 47 states [Video]

LL Flooring, which was previously called Lumber Liquidators, has filed for Chapter 11 bankruptcy.

The flooring company announced on Sunday night that it planned to close 94 locations across the country. The company operates more than 300 stores.

LL Flooring is reorganizing its company and noted in its announcement that it was actively engaged in negotiations with “multiple bidders” to sell the company.

The announcement also stated that the company’s stores will continue to operate as normal during the Chapter 11 restructuring.

“After comprehensive efforts to enhance our liquidity position in a challenging macro environment, a determination was made that initiating this Chapter 11 process is the best path forward for the Company,” Charles Tyson, President and Chief Executive Officer of LL Flooring, said in a statement.