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A MAJOR home improvement chain is reversing its course of action after announcing it would shutter all its stores.
Bankrupt chain LL Flooring managed to secure a new buyer, but the Home Depot rival will still close hundreds of locations.
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Formerly known as Lumber Liquidators, the flooring chain filed for Chapter 11 bankruptcy in August and was working to negotiate with buyers to sell the company.
In a statement last Wednesday, LL Flooring announced it was unable to secure an offer and planned to shutter its remaining locations.
However, the flooring company secured a last-minute buyer and will reverse its course.
On Friday afternoon, LL Flooring signed an agreement with private equity firm F9 Investments to sell the business.
Read More on Store Closures
As part of the agreement, the private equity firm will acquire 219 LL Flooring stores, a Virginia distribution center, the company’s intellectual property, and other assets.
The deal is expected to close by the end of September.
LL Flooring isn’t safe from its wave of closures, however, and will close 211 locations.
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