LL Flooring Holdings, Inc. - LL STOCK NEWS

LL Flooring has filed an investor presentation with the SEC for its 2024 Annual Meeting on July 10. The Board has taken decisive actions to drive growth and address past issues under former Executive Chair Thomas Sullivan. Key initiatives include refreshing senior leadership, setting five strategic priorities, and exploring a potential sale of the company. The Board is working to optimize the retail footprint, relocate underperforming stores, and enhance brand awareness. The presentation criticizes Sullivan for pushing a personal agenda and warns against electing his nominees. Shareholders are urged to vote for the Board's nominees using the WHITE proxy card.

F9 Investments, owning 8.85% of LL Flooring's stock, has released a presentation calling for urgent changes to the company's Board of Directors. They argue that poor decisions, failed strategies, and misaligned incentives have led to significant stock value destruction, risking insolvency. F9 proposes three new director nominees—Tom Sullivan, Jason Delves, and Jill Witter—who promise industry expertise, shareholder alignment, and effective oversight. Shareholders are urged to vote for these nominees using the GOLD proxy card by the upcoming Annual Meeting on July 10. The presentation highlights the board's incompetence and the need for a strategic overhaul to restore company value.

F9 Investments, owning 8.85% of LL Flooring's stock, criticizes the company's board for its poor performance, citing a 93% drop in stock price over three years. They claim the board's strategic review process is a sham, rejecting premium offers and opting for a sale-leaseback of key assets. F9 nominates Tom Sullivan, Jason Delves, and Jill Witter to the board, arguing they can restore value. Other significant shareholders share concerns about management's competence and rising expenses. F9 urges shareholders to vote for their nominees at the upcoming annual meeting on July 10, 2024.

F9 Investments, owning 8.85% of LL Flooring (NYSE: LL), challenges the company's strategic plan and leadership. The stock has dropped over 93% in three years, and F9 criticizes the Board for rejecting multiple premium offers and proposing a sale-leaseback plan that may increase expenses. F9 nominates Tom Sullivan, Jason Delves, and Jill Witter to the Board, asserting they can restore value. F9 urges shareholders to vote on the GOLD proxy card for its nominees to protect investment value and provide essential oversight.

LL Flooring has sent a letter to its shareholders alongside its definitive proxy statement for the 2024 Annual Meeting of Stockholders. The letter emphasizes the qualifications of the company's current Board of Directors, who have established five strategic priorities to drive value creation and address near-term financing needs. The company is also exploring strategic alternatives, including potential acquisitions. The letter criticizes Thomas Sullivan’s proxy contest as self-serving and not in shareholders' best interests. It also mentions that Jerald Hammann owns minimal stock and lacks the qualifications to serve on the Board. Shareholders are urged to vote using the white proxy card in favor of LL Flooring's three director nominees.

F9 Investments, which owns 8.85% of LL Flooring, has filed definitive proxy materials with the SEC, nominating Tom Sullivan, Jason Delves, and Jill Witter for the company's Board of Directors. The firm criticizes the current Board for stock price declines of over 63%, 93%, and 83% on 1-, 3-, and 5-year bases, respectively, and claims the company has failed operationally. F9's letter urges shareholders to vote for their nominees to restore value. The company has seen deteriorating financials, including a recent 'going concern' opinion from auditors, and has rejected multiple premium acquisition offers. F9's nominees aim to implement strategies for long-term growth and shareholder value creation.

LL Flooring Holdings, Inc. reported challenging first quarter financial results impacted by weaker home sales, elevated interest rates, and inflation. Net sales decreased by 21.7% to $188.5 million, with a 21.5% decline in comparable store sales. Despite a gross margin increase, operating margin loss expanded to 14.5%. Loss per diluted share rose to $1.00, and adjusted loss per diluted share increased to $1.04. The company closed two stores, reducing store count to 435. Liquidity stood at $63.3 million as of March 31, 2024. LL Flooring is not providing financial guidance due to macroeconomic uncertainty but expects adjusted gross margins to remain flat.

LL Flooring Holdings, Inc. provided an update on its strategic alternatives review process, including a non-binding proposal to acquire all outstanding shares for $2.50 per share. The Board is in negotiations but has not accepted the proposal. The Company is committed to a fair process for all interested parties. Additionally, LL Flooring entered into a cooperation agreement with Live Ventures and Isaac Capital Group regarding director nominations and voting at the upcoming Annual Meeting of Stockholders on July 10, 2024.