LL Flooring reported a net loss of $36 million in the third quarter of 2023, compared with a loss of $3.7 million in the third quarter of 2022.
The retail chain’s net sales plummeted 19.7% compared with the same period last year to $215.8 million.
"We are disappointed in our third quarter results, which continued to be negatively impacted by the macroeconomic environment, as well as internal challenges that we are focused on as we execute against our strategic initiatives,” President and CEO Charles Tyson said in a statement. “To that end, we remain committed and continue to execute on our brand transformation strategy and our five strategic initiatives, which include: focusing investments on our top growth priorities; growing our brand awareness; enhancing our product offerings by innovating products; ensuring a consistent customer experience across our omnichannel network; and improving operating efficiencies.”
In August, LL Flooring announced it would begin actively exploring “strategic alternatives,” including a potential sale or merger. The announcement followed a buyout offer by the company’s founder and former CEO Tom Sullivan. LL Flooring rejected the unsolicited offer, stating it undervalued the company, and Sullivan withdrew it.
The latest offer to buy LL Flooring came from a diversified holding company, which offered to acquire all outstanding shares for $5.85. LL Flooring’s board said it was reviewing the offer in October.
