03:23 AM EDT, 08/12/2024 (MT Newswires) -- LL Flooring Holdings ( LL ) said Sunday it initiated a voluntary chapter 11 restructuring process in a bankruptcy court in Delaware.

The company said it is in active negotiations with multiple potential buyers and plans to use the bankruptcy proceedings to pursue a going-concern sale of its business.

The specialty retailer has also obtained a commitment for up to $130 million in debtor-in-possession financing from its existing lenders led by Bank of America (BAC) to support its operations during the bankruptcy process, it said.

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