Aug 11 (Reuters) - Specialty flooring retailer LL

Flooring ( LL ) said on Sunday that it had commenced Chapter 11

bankruptcy proceedings and will pursue a going-concern sale of

its business.

The company is in active negotiations with multiple bidders

and is looking for court approval for the sale of its business

in the first few weeks of the bankruptcy proceedings, it said in

a statement.

The Richmond, Virginia-headquartered firm also said that it

had secured $130 million in debtor-in-possession (DIP) financing

from an existing bank group led by Bank of America ( BAC ).

LL Flooring ( LL ) also said that it is looking to close 94 of its

stores.

LL Flooring ( LL ) is one of the leading U.S. retailers of

hard-wood surface flooring, with over 300 stores across the

country.

The company listed estimated assets in the range of $500

million to $1 billion and liabilities in the range of $100

million to $500 million, according to a court filing in the

Bankruptcy Court for the District of Delaware.

Last year, LL Flooring ( LL ) said that it was exploring strategic

alternatives, including a possible sale. In October 2023, U.S.

investment firm Live Ventures ( LIVE ) offered to buy the

company for roughly $180 million in cash.