LL Flooring Holdings, Inc. - LL STOCK NEWS

LL Flooring Holdings, Inc. (NYSE: LL) has initiated voluntary Chapter 11 reorganization proceedings to pursue a going-concern sale of its business. The company is operating normally with over 300 continuing stores and its online platform serving customers. LL Flooring has also begun closing sales at 94 locations with assistance from Hilco Merchant Resources,

The company has secured a commitment for debtor-in-possession (DIP) financing of up to $130 million from its existing bank group led by Bank of America. LL Flooring aims to reduce its physical footprint while seeking Bankruptcy Court approval for a sale of its business in the first few weeks of the proceedings. The company intends to continue paying vendors and suppliers in full under normal terms for goods and services provided on or after the Chapter 11 filing date.

F9 Investments has announced that its three director nominees, Tom Sullivan, Jason Delves, and Jill Witter, have been elected to LL Flooring's Board of Directors at the company's 2024 Annual Meeting of Shareholders. The preliminary voting results confirm the election, with final tabulation to be disclosed in due course.

Tom Sullivan expressed gratitude for shareholder support and emphasized their commitment to working immediately and collaboratively with the new board. The election marks a pivotal change in LL Flooring’s leadership, potentially impacting the company’s strategic direction and governance.

F9 Investments, owning 8.85% of LL Flooring, has sent a letter urging shareholders to vote for their three nominees at the upcoming July 10 Annual Meeting to address LL Flooring’s financial struggles.

LL Flooring’s stock has hit an all-time low, and the company is considering bankruptcy. The company disclosed it may soon lack liquidity, and has hired AlixPartners for financial consultancy. Despite receiving premium bids, LL Flooring’s board has rejected offers that could have been 14 times the current stock price.

F9 emphasizes the necessity of new leadership to restore value, supported by proxy advisory firms Glass Lewis and ISS. Shareholders are urged to vote using the GOLD proxy card or change prior votes accordingly.

LL Flooring urges shareholders to vote exclusively for its three nominees—Douglas T. Moore, Ashish Parmar, and Nancy M. Taylor—using the universal WHITE proxy card in the upcoming 2024 Annual Meeting scheduled for July 10, 2024. The company emphasizes that these nominees possess the necessary skills and experience to guide LL Flooring effectively. Independent proxy advisor ISS also supports the majority of LL Flooring’s nominees, recognizing their value and leadership. Conversely, LL Flooring argues that the nominees proposed by Thomas Sullivan offer no additional skills and could be counterproductive. The company encourages shareholders to disregard any gold proxy cards from Sullivan and stresses the importance of revoking any prior votes for Sullivan’s nominees. Shareholders are advised to visit www.VoteLLFlooring.com for further details and instructions.

F9 Investments, the largest shareholder of LL Flooring with an 8.85% stake, issued a statement on LL Flooring's dire financial situation. LL Flooring's recent filing revealed that it might not meet its credit agreement's liquidity requirements by Q3 2024, earlier than previously expected. F9 criticizes the current Board for mismanagement and urges shareholders to vote for F9's nominees: Tom Sullivan, Jason Delves, and Jill Witter. F9 claims these nominees can restore value and stabilize the company.

F9 Investments, which holds an 8.85% stake in LL Flooring (NYSE: LL), has commented on a Bloomberg report revealing that LL Flooring has hired AlixPartners to explore restructuring options and boost cash reserves. The advisory firm previously worked with Bed Bath & Beyond on its bankruptcy proceedings. F9 criticized LL Flooring's current leadership, citing poor performance and an ineffective sale process that has endangered the company’s future.

F9 is pushing for significant changes in LL Flooring's boardroom to secure shareholder investments and has nominated Tom D. Sullivan, Jason Delves, and Jill Witter to the board. They urge shareholders to vote for their nominees using the GOLD proxy card to restore long-term value and avoid potential bankruptcy.

F9 Investments, owning 8.85% of LL Flooring's stock, has issued a letter urging shareholders to vote for their nominees—Tom Sullivan, Jason Delves, and Jill Witter—via the GOLD proxy card. They accuse the current LL Flooring board of significant value destruction and operational losses, claiming the company is at risk of going out of business. F9's nominees are positioned as having essential industry expertise and a strategic plan to restore shareholder value. Shareholders are encouraged to withhold votes from the current board nominees and support F9's candidates to protect their investment.

Donovan S. Royal, a significant shareholder of LL Flooring with a 4.6% stake, has expressed serious concerns about the company's current leadership and supports F9 Investments' nominees for the Board of Directors. F9 Investments, the largest shareholder with an 8.85% stake, is urging shareholders to vote for Tom Sullivan, Jason Delves, and Jill Witter at the 2024 Annual Meeting on July 10, 2024, using the GOLD proxy card. Royal criticized the company's management for poor performance, a substantial revenue drop from $1.1 billion in 2019 to $850 million currently, and a failed re-branding strategy. He calls for immediate changes to avoid further decline, advocating for F9’s nominees as a solution to restore value.

F9 Investments, which holds 8.85% of LL Flooring's stock, has issued a letter to shareholders challenging the company's board for personal attacks and factual distortions aimed at F9's director nominees. The letter criticizes the board's lack of accountability for LL Flooring's poor performance and significant value destruction. F9's nominees, including Tom Sullivan, aim to restore value through industry expertise and proper oversight. The letter rebuts claims that Sullivan plans to force a sale of the company and addresses concerns about alleged conflicts of interest. F9 urges shareholders to vote for their nominees on the GOLD proxy card to stabilize and grow LL Flooring.