The company has more than 400 retail locations. (BizSense file photo)
Shares of LL Flooring, which are now in penny stock status after the company fell into bankruptcy on Sunday, took another hit this week.
The Henrico-based flooring retailer said late Tuesday that it received a notice from the New York Stock Exchange that its stock will be delisted from the coveted exchange.
The NYSE said the stock, which has traded under the symbol “LL,” is “no longer suitable” for an NYSE listing because of the company’s Chapter 11 bankruptcy filing earlier this week.
Trading of LL stock on the NYSE was immediately suspended pending completion of the delisting process. LL Flooring shares have since been moved to the less desirable OTC market under the symbol “LLFLQ,” where they closed Wednesday at 11 cents. That puts the company’s market cap at $3.39 million.
At Monday’s closing bell, the share price was 84 cents and the market cap was $25 million.
LL Flooring said it does not intend to appeal the NYSE ruling.
Its shares have been trading below $1 per share since mid-July when news broke that it was exploring bankruptcy.
Its Chapter 11 filing on Sunday stated that the company is short on cash and looking to unload its business assets in what it described as a “going-concern sale.”
It said it is in negotiations with multiple bidders and hopes to gain court approval for a sale in the next few weeks.
In the interim, the company’s nearly 400 stores remain open for business; however, 94 of those are set to close next month. Only one of those stores is in Virginia – an outpost in Woodbridge.
The proposed bankruptcy sale would likely mean an end to LL Flooring as a publicly traded company. The company has been publicly traded since its IPO in 2007, when it was known as Lumber Liquidators.
After peaking in 2013 at around $119 per share, the stock has been on a precipitous decline in recent years in the face of continued losses and failed takeover attempts from investors. The company posted a loss of nearly $29 million in the first quarter of this year on top of an annual loss of $103 million in 2023.
The company has more than 400 retail locations. (BizSense file photo)
Shares of LL Flooring, which are now in penny stock status after the company fell into bankruptcy on Sunday, took another hit this week.
The Henrico-based flooring retailer said late Tuesday that it received a notice from the New York Stock Exchange that its stock will be delisted from the coveted exchange.
The NYSE said the stock, which has traded under the symbol “LL,” is “no longer suitable” for an NYSE listing because of the company’s Chapter 11 bankruptcy filing earlier this week.
Trading of LL stock on the NYSE was immediately suspended pending completion of the delisting process. LL Flooring shares have since been moved to the less desirable OTC market under the symbol “LLFLQ,” where they closed Wednesday at 11 cents. That puts the company’s market cap at $3.39 million.
At Monday’s closing bell, the share price was 84 cents and the market cap was $25 million.
LL Flooring said it does not intend to appeal the NYSE ruling.
Its shares have been trading below $1 per share since mid-July when news broke that it was exploring bankruptcy.
Its Chapter 11 filing on Sunday stated that the company is short on cash and looking to unload its business assets in what it described as a “going-concern sale.”
It said it is in negotiations with multiple bidders and hopes to gain court approval for a sale in the next few weeks.
In the interim, the company’s nearly 400 stores remain open for business; however, 94 of those are set to close next month. Only one of those stores is in Virginia – an outpost in Woodbridge.
The proposed bankruptcy sale would likely mean an end to LL Flooring as a publicly traded company. The company has been publicly traded since its IPO in 2007, when it was known as Lumber Liquidators.
After peaking in 2013 at around $119 per share, the stock has been on a precipitous decline in recent years in the face of continued losses and failed takeover attempts from investors. The company posted a loss of nearly $29 million in the first quarter of this year on top of an annual loss of $103 million in 2023.