Lumber Liquidators announced it will shift its headquarters from Toano, Va., to a smaller facility in Richmond, Va., and exit its finishing operation. It anticipates the move will take place around October 2019.
Lumber Liquidators announced it will shift its headquarters from Toano, Va., to a smaller facility in Richmond, Va., and exit its finishing operation. It anticipates the move will take place around October 2019.
The company’s lease at its Toano location, where it has operated for 15 years, expires Dec. 31, 2019. The location has 315,000 square feet of combined production, warehouse and office space, and houses its Bellawood finishing operation. The company said it will exit its finishing operation and entered into an agreement to sell its equipment to an unaffiliated third party for approximately $1.8 million. The Bellawood products finishing lines currently employs about 45 people.
“The company has also entered into an agreement with the purchaser in which the purchaser has agreed to sell finished products and provide certain services to the company,” Lumber Liquidators said in a statement. The Bellawood brand will continue to be owned by Lumber Liquidators.
The company said it has signed a letter of intent to lease an existing facility in Richmond with 52,900 square feet of office space to house approximately 200 employees.
“The Toano/Williamsburg community has been a very supportive home for Lumber Liquidators during our 15 years here, and we will miss the community as we move a few miles west,” CEO Dennis Knowles said in a statement. “At the same time, with a growing business and new leadership team focused on product innovation, core retail operations and the customer experience, it is the right time for us to relocate to a smaller facility in a metropolitan environment.”
The term of the new lease is expected to be 123 months, beginning around October 1, 2019, with two renewal options of five years each.
Related:
Lumber Liquidators Loses $1.5 Million in Q2 2018
