LL Flooring has filed for Chapter 11 bankruptcy and is seeking to sell its business while continuing to operate.

LL Flooring is restructuring and planning a sale.

The hard flooring retailer has filed for bankruptcy under the US Chapter 11 procedure and is seeking to resell its business. LL Flooring (formerly known as Lumber Liquidators) The company said it remains in active negotiations with multiple bidders and hopes to obtain bankruptcy court approval for the sale of its business in the first weeks of the Chapter 11 proceedings.

In addition, the retailer has entered into an agreement with Hilco Merchant Resources to assist with clearance sales at 94 locations across the country. (For a list of store closures, see Click here.) LL Flooring said it has more than 300 stores open with few changes to business procedures and policies..

“After extensive efforts to improve our liquidity position in a challenging macroeconomic environment, we have concluded that initiating this Chapter 11 proceeding is the best path forward for the company,” said Charles Tyson, president and CEO of Richmond, Virginia-based LL Flooring. “Today’s move is intended to provide LL Flooring with additional time and financial flexibility as we reduce our physical presence and close certain stores while pursuing a sale of the remainder of the company as a going concern.”