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| foundation = {{start date and age|1994|p=y}} in [[Stoughton, Massachusetts]], U.S.
| foundation = {{start date and age|1994|p=y}} in [[Stoughton, Massachusetts]], U.S.
| founder = Tom Sullivan
| founder = Tom Sullivan
| location = [[Richmond, Virginia|Richmond]], [[Virginia (U.S. state)|Virginia]], U.S.
| location = [[Richmond, Virginia]], U.S.
| locations = 410 (Dec. 2020)<ref name=10K/>
| locations = 410 (Dec. 2020)<ref name=10K/>
| area_served = [[United States]], [[Canada]]
| area_served = United States, Canada
| key_people = Charles E. Tyson ([[CEO]])<ref name=10K/><ref>{{cite web|url=https://www.yahoo.com/now/lumber-liquidators-announces-charles-e-100000354.html|date=May 28, 2020|website=Yahoo}}</ref>
| key_people = Charles E. Tyson ([[CEO]])<ref name=10K/><ref>{{cite web|url=https://www.yahoo.com/now/lumber-liquidators-announces-charles-e-100000354.html|date=May 28, 2020|website=Yahoo}}</ref>
| products = [[Wood flooring|Hardwood flooring]]
| products = [[Wood flooring|Hardwood flooring]]
| revenue = {{increase}} [[US$]] 1.098 billion (2020)<ref name=10K>https://www.sec.gov/ix?doc=/Archives/edgar/data/1396033/000155837021002205/ll-20201231x10k.htm. Reviewed 24 May 2021.</ref>
| revenue = {{increase}} US$ 1.098 billion (2020)<ref name=10K>https://www.sec.gov/ix?doc=/Archives/edgar/data/1396033/000155837021002205/ll-20201231x10k.htm. Reviewed 24 May 2021.</ref>
| operating_income = {{increase}} US$ 56.28 million (2020)<ref name=10K/>
| operating_income = {{increase}} US$ 56.28 million (2020)<ref name=10K/>
| net_income = {{increase}} US$ 61.43 million (2020)<ref name=10K/><ref>{{cite web|url=https://www.google.com/finance?q=NYSE%3ALL&fstype=ii&ei=hVoSUuBdxa7QAeqmAQ|title=2020 Form 10-K, Lumber Liquidators Holdings Inc|work= [[U.S. Securities and Exchange Commission]]}}</ref>
| net_income = {{increase}} US$ 61.43 million (2020)<ref name=10K/><ref>{{cite web|url=https://www.google.com/finance?q=NYSE%3ALL&fstype=ii&ei=hVoSUuBdxa7QAeqmAQ|title=2020 Form 10-K, Lumber Liquidators Holdings Inc|work= [[U.S. Securities and Exchange Commission]]}}</ref>
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===Founding===
===Founding===
Lumber Liquidators Flooring was started in 1994 by Tom Sullivan, a building contractor who began purchasing excess wood from other companies. He then resold the wood from the back of a trucking firm's yard in [[Stoughton, Massachusetts]]. Three years later in 1996, the company found their niche market in [[wood flooring|hardwood flooring]]. On January 5, 1996, the company's first store opened in [[West Roxbury, Massachusetts]], and sold 150 square feet of floors on the first day. By August of that year, they opened up a second store in [[Hartford, Connecticut|Hartford]], [[Connecticut]].<ref>{{cite web|url=http://www.lumberliquidators.com/ll/flooring/about-us|accessdate=March 26, 2015|work=Lumber Liquidators|title=About Us|date=2015}}</ref>
Lumber Liquidators Flooring was started in 1994 by Tom Sullivan, a building contractor who began purchasing excess wood from other companies. He then resold the wood from the back of a trucking firm's yard in [[Stoughton, Massachusetts]]. Three years later in 1996, the company found their niche market in [[wood flooring|hardwood flooring]]. On January 5, 1996, the company's first store opened in [[West Roxbury, Massachusetts]], and sold 150 square feet of floors on the first day. By August of that year, they opened up a second store in [[Hartford, Connecticut|Hartford]], [[Connecticut]].<ref>{{cite web|url=http://www.lumberliquidators.com/ll/flooring/about-us|access-date=March 26, 2015|work=Lumber Liquidators|title=About Us|date=2015}}</ref>


===Expansion===
===Expansion===
Line 34: Line 34:
The company is currently headquartered in [[Richmond, Virginia]]. The company's [[Chief Executive Officer|CEO]] is Charles E. Tyson. The firm is listed and trades under {{NYSE|LL}}. In 2019 the company announced it would be moving the corporate offices from Toano to Richmond VA.
The company is currently headquartered in [[Richmond, Virginia]]. The company's [[Chief Executive Officer|CEO]] is Charles E. Tyson. The firm is listed and trades under {{NYSE|LL}}. In 2019 the company announced it would be moving the corporate offices from Toano to Richmond VA.


In 2009, Lumber Liquidators began receiving sponsorship from [[E. W. Scripps Company|Scripps]]’ [[HGTV]], [[DIY Network]] and [[ABC Television Network|ABC’s]] ''[[Extreme Makeover: Home Edition]]''.<ref>{{cite news|title=Sponsorships Help Insulate Lumber Liquidators From Housing Crisis|first=Marissa|last= Miley|date=February 24, 2009|accessdate=March 26, 2015|url=http://adage.com/article/madisonvine-case-study/branded-entertainment-helps-insulate-lumber-liquidators/134838/|work=[[Advertising Age]]|location=New York}}</ref>
In 2009, Lumber Liquidators began receiving sponsorship from [[E. W. Scripps Company|Scripps]]’ [[HGTV]], [[DIY Network]] and [[ABC Television Network|ABC’s]] ''[[Extreme Makeover: Home Edition]]''.<ref>{{cite news|title=Sponsorships Help Insulate Lumber Liquidators From Housing Crisis|first=Marissa|last= Miley|date=February 24, 2009|access-date=March 26, 2015|url=http://adage.com/article/madisonvine-case-study/branded-entertainment-helps-insulate-lumber-liquidators/134838/|work=[[Advertising Age]]|location=New York}}</ref>


The company expanded into [[Canada]] in the fourth quarter of 2010. The expansion plan was to add 36 to 40 stores.<ref>{{cite news|url=http://articles.dailypress.com/2010-04-29/news/dp-local_wire-lumber-liquidatorapr29_1_lumber-liquidators-canadian-consumers-first-quarter|title=Lumber Liquidators expanding into Canada|work=[[Daily Press (Virginia)|Daily Press]]|location=Newport News|date=April 29, 2010|first=James|last=City|accessdate=March 26, 2015|archive-url=https://web.archive.org/web/20150320091347/http://articles.dailypress.com/2010-04-29/news/dp-local_wire-lumber-liquidatorapr29_1_lumber-liquidators-canadian-consumers-first-quarter|archive-date=March 20, 2015|url-status=dead}}</ref>
The company expanded into Canada in the fourth quarter of 2010. The expansion plan was to add 36 to 40 stores.<ref>{{cite news|url=http://articles.dailypress.com/2010-04-29/news/dp-local_wire-lumber-liquidatorapr29_1_lumber-liquidators-canadian-consumers-first-quarter|title=Lumber Liquidators expanding into Canada|work=[[Daily Press (Virginia)|Daily Press]]|location=Newport News|date=April 29, 2010|first=James|last=City|access-date=March 26, 2015|archive-url=https://web.archive.org/web/20150320091347/http://articles.dailypress.com/2010-04-29/news/dp-local_wire-lumber-liquidatorapr29_1_lumber-liquidators-canadian-consumers-first-quarter|archive-date=March 20, 2015|url-status=dead}}</ref>


In April 2020, the company publicly rebranded itself, changing its name to LL Flooring. On Dec.10, 2021, it announced the corporate entity name change to LL Flooring Holdings, Inc. would officially take effect January 1, 2022.<ref>[https://www.businesswire.com/news/home/20211210005065/en/LL-Flooring-to-Complete-Corporate-Name-Change LL Flooring to Complete Corporate Name Change, LL Flooring News Release, Business Wire, Dec.10,2021], Retrieved Sept.20, 2022</ref>
In April 2020, the company publicly rebranded itself, changing its name to LL Flooring. On Dec.10, 2021, it announced the corporate entity name change to LL Flooring Holdings, Inc. would officially take effect January 1, 2022.<ref>[https://www.businesswire.com/news/home/20211210005065/en/LL-Flooring-to-Complete-Corporate-Name-Change LL Flooring to Complete Corporate Name Change, LL Flooring News Release, Business Wire, Dec.10,2021], Retrieved Sept.20, 2022</ref>


===Controversies===
===Controversies===
A 2013 report by the [[Environmental Investigation Agency]] revealed that Lumber Liquidators' indiscriminate and poor sourcing practices resulted in the destruction of critically endangered tiger habitats and forests.<ref>{{cite web|url=http://eia-global.org/campaigns/forests-campaign/liquidating-the-forests/|title=Liquidating the Forests|work=[[Environmental Investigation Agency]]|location=Washington, D.C.|date=August 14, 2014|accessdate=March 26, 2015}}</ref>
A 2013 report by the [[Environmental Investigation Agency]] revealed that Lumber Liquidators' indiscriminate and poor sourcing practices resulted in the destruction of critically endangered tiger habitats and forests.<ref>{{cite web|url=http://eia-global.org/campaigns/forests-campaign/liquidating-the-forests/|title=Liquidating the Forests|work=[[Environmental Investigation Agency]]|location=Washington, D.C.|date=August 14, 2014|access-date=March 26, 2015}}</ref>


Further investigation led to the conviction of a Russian supplier in 2014. Shortly after the conviction Lumber Liquidators lost about twenty percent in stock value for potential violation of the [[Lacey Act]]. During 2015, the company's stock lost about half of its value in both the leadup to and the wake of a “60 Minutes” report about unsafe levels of [[formaldehyde]] in the Chinese-made [[laminate flooring]] that it was selling.<ref>[https://money.cnn.com/2015/03/02/investing/lumber-liquidators-60-minutes/index.html Lumber Liquidators stock pummeled after '60 Minutes' probe," by Gregory Wallace, CNN, March 2, 2015], Retrieved Sept.20, 2022
Further investigation led to the conviction of a Russian supplier in 2014. Shortly after the conviction Lumber Liquidators lost about twenty percent in stock value for potential violation of the [[Lacey Act]]. During 2015, the company's stock lost about half of its value in both the leadup to and the wake of a “60 Minutes” report about unsafe levels of [[formaldehyde]] in the Chinese-made [[laminate flooring]] that it was selling.<ref>[https://money.cnn.com/2015/03/02/investing/lumber-liquidators-60-minutes/index.html Lumber Liquidators stock pummeled after '60 Minutes' probe," by Gregory Wallace, CNN, March 2, 2015], Retrieved Sept.20, 2022
</ref> <ref>[https://www.cnbc.com/2015/12/14/lumber-liquidators-shares-spike-as-critic-backs-off.html Lumber Liquidators shares spike as critics back off," by Everett Rosenfeld, CNBC, December 14, 2015], Retrieved December 17, 2015.</ref> A number of class action lawsuits were brought on by customers, due to the formaldehyde issue and other customer service issues.
</ref><ref>[https://www.cnbc.com/2015/12/14/lumber-liquidators-shares-spike-as-critic-backs-off.html Lumber Liquidators shares spike as critics back off," by Everett Rosenfeld, CNBC, December 14, 2015], Retrieved December 17, 2015.</ref> A number of class action lawsuits were brought on by customers, due to the formaldehyde issue and other customer service issues.


On June 16, 2015, Lumber Liquidators announced the "unexpected" resignation of its CEO, Robert Lynch. It also announced the termination of its Chief Merchandising Officer, William Schlegel. It also declared it would discontinue the sale of laminate flooring products manufactured in China.<ref>[https://www.businesswire.com/news/home/20150616006522/en/Lumber-Liquidators-Ceases-Sale-of-Chinese-Laminate-Flooring-and-CEO-Resigns-Gilman-Law-LLP-Reports Lumber Liquidators Ceases Sale of Chinese Laminate Flooring and CEO Resigns, Gilman Law LLP Reports," Lumber Liquidators News Release, Businesswire, June 16, 2015], Retrieved Sept. 20, 2022 </ref>
On June 16, 2015, Lumber Liquidators announced the "unexpected" resignation of its CEO, Robert Lynch. It also announced the termination of its Chief Merchandising Officer, William Schlegel. It also declared it would discontinue the sale of laminate flooring products manufactured in China.<ref>[https://www.businesswire.com/news/home/20150616006522/en/Lumber-Liquidators-Ceases-Sale-of-Chinese-Laminate-Flooring-and-CEO-Resigns-Gilman-Law-LLP-Reports Lumber Liquidators Ceases Sale of Chinese Laminate Flooring and CEO Resigns, Gilman Law LLP Reports," Lumber Liquidators News Release, Businesswire, June 16, 2015], Retrieved Sept. 20, 2022</ref>


The company's founder, Tom Sullivan, served as interim CEO following the resignation and was replaced in November 2015 by John Presley.<ref>{{Cite web|title = Lumber Liquidators Names A New CEO As Sales Slump Persists|url = https://www.forbes.com/sites/laurengensler/2015/11/04/lumber-liquidators-new-ceo-third-quarter-earnings/|website = Forbes|accessdate = 2015-11-04}}</ref>
The company's founder, Tom Sullivan, served as interim CEO following the resignation and was replaced in November 2015 by John Presley.<ref>{{Cite web|title = Lumber Liquidators Names A New CEO As Sales Slump Persists|url = https://www.forbes.com/sites/laurengensler/2015/11/04/lumber-liquidators-new-ceo-third-quarter-earnings/|website = Forbes|access-date = 2015-11-04}}</ref>


On October 22, 2015, Lumber Liquidators pleaded guilty in federal court to the illegal importation of hardwood flooring.<ref>[https://www.cnbc.com/2015/10/22/lumber-liquidators-pleads-guilty-to-environmental-crimes-agrees-to-pay-more-than-13m.html "Lumber Liquidators pleads guilty to environmental crimes, agrees to pay more than $13M," by Everett Rosenfeld, CNBC, October 22, 2015], Retrieved December 19, 2015.</ref> In February 2016, a federal judge sentenced the company to $13.15 million in penalties, consisting of $7.8 million in criminal fines, $3.15 million in civil forfeiture, $1 million in criminal forfeiture, and $1.2 million to conservation organizations.<ref>{{cite web|last1=Bomey|first1=Nathan|title=Lumber Liquidators sentenced in wood import scheme|url=https://www.usatoday.com/story/money/2016/02/01/lumber-liquidators-illegal-timber-sentence/79648394/|website=usatoday.com|publisher=USA Today|accessdate=February 1, 2016}}</ref> It was the largest financial penalty ever issued for violating the [[Lacey Act of 1900]].<ref>{{cite web|last1=Huang|first1=Jiayue|title=Lumber Liquidators pays $13.2 million for environmental crimes|url=http://americasmarkets.usatoday.com/2015/10/22/lumber-liquidators-pays-13-2-million-for-environmental-crimes/|archive-url=https://web.archive.org/web/20151208025905/http://americasmarkets.usatoday.com/2015/10/22/lumber-liquidators-pays-13-2-million-for-environmental-crimes/|archive-date=December 8, 2015|work=USA Today|accessdate=August 25, 2019|date=October 22, 2015}}</ref><ref>{{cite web|url=https://www.latimes.com/business/la-fi-lumber-liquidators-plea-20151022-story.html|title=Lumber Liquidators pleads guilty to environmental crimes|date=October 22, 2015|accessdate=August 25, 2019|website=Los Angeles Times}}</ref>
On October 22, 2015, Lumber Liquidators pleaded guilty in federal court to the illegal importation of hardwood flooring.<ref>[https://www.cnbc.com/2015/10/22/lumber-liquidators-pleads-guilty-to-environmental-crimes-agrees-to-pay-more-than-13m.html "Lumber Liquidators pleads guilty to environmental crimes, agrees to pay more than $13M," by Everett Rosenfeld, CNBC, October 22, 2015], Retrieved December 19, 2015.</ref> In February 2016, a federal judge sentenced the company to $13.15 million in penalties, consisting of $7.8 million in criminal fines, $3.15 million in civil forfeiture, $1 million in criminal forfeiture, and $1.2 million to conservation organizations.<ref>{{cite web|last1=Bomey|first1=Nathan|title=Lumber Liquidators sentenced in wood import scheme|url=https://www.usatoday.com/story/money/2016/02/01/lumber-liquidators-illegal-timber-sentence/79648394/|website=usatoday.com|publisher=USA Today|access-date=February 1, 2016}}</ref> It was the largest financial penalty ever issued for violating the [[Lacey Act of 1900]].<ref>{{cite web|last1=Huang|first1=Jiayue|title=Lumber Liquidators pays $13.2 million for environmental crimes|url=http://americasmarkets.usatoday.com/2015/10/22/lumber-liquidators-pays-13-2-million-for-environmental-crimes/|archive-url=https://web.archive.org/web/20151208025905/http://americasmarkets.usatoday.com/2015/10/22/lumber-liquidators-pays-13-2-million-for-environmental-crimes/|archive-date=December 8, 2015|work=USA Today|access-date=August 25, 2019|date=October 22, 2015}}</ref><ref>{{cite web|url=https://www.latimes.com/business/la-fi-lumber-liquidators-plea-20151022-story.html|title=Lumber Liquidators pleads guilty to environmental crimes|date=October 22, 2015|access-date=August 25, 2019|website=Los Angeles Times}}</ref>


== References ==
== References ==
{{Reflist|30em}}
{{reflist}}


== External links ==
== External links ==

Revision as of 23:58, 26 December 2022

LL Flooring
Company typePublic
NYSE: LL
IndustryRetailing
Founded1994 (30 years ago) (1994) in Stoughton, Massachusetts, U.S.
FounderTom Sullivan
HeadquartersRichmond, Virginia, U.S.
Number of locations
410 (Dec. 2020)[1]
Area served
United States, Canada
Key people
Charles E. Tyson (CEO)[1][2]
ProductsHardwood flooring
RevenueIncrease US$ 1.098 billion (2020)[1]
Increase US$ 56.28 million (2020)[1]
Increase US$ 61.43 million (2020)[1][3]
Total assetsIncrease US$ 674.3 million (2020)[1]
Total equityIncrease US$ 227.6 million (2020)[1]
Number of employees
2,230 (2020)[1]
Websitewww.llflooring.com

LL Flooring (formerly Lumber Liquidators Flooring) is an American retailer of hard-surface flooring including hardwood flooring, laminate flooring, vinyl plank flooring, tile flooring, bamboo flooring and cork flooring, as well as flooring tools and accessories.

Lumber Liquidators store, Ypsilanti, Michigan

History

Founding

Lumber Liquidators Flooring was started in 1994 by Tom Sullivan, a building contractor who began purchasing excess wood from other companies. He then resold the wood from the back of a trucking firm's yard in Stoughton, Massachusetts. Three years later in 1996, the company found their niche market in hardwood flooring. On January 5, 1996, the company's first store opened in West Roxbury, Massachusetts, and sold 150 square feet of floors on the first day. By August of that year, they opened up a second store in Hartford, Connecticut.[4]

Expansion

The company has grown to be one of the largest retailers of hardwood flooring in the United States.[citation needed] It expanded to more than 375 Lumber Liquidators stores with over 1,000 employees in 47 states and Canada. It also launched online e-commerce, catalogs, and its Virginia call center. By the end of 2018 the company was operating over 415 stores across North America.

The company is currently headquartered in Richmond, Virginia. The company's CEO is Charles E. Tyson. The firm is listed and trades under NYSE: LL. In 2019 the company announced it would be moving the corporate offices from Toano to Richmond VA.

In 2009, Lumber Liquidators began receiving sponsorship from Scripps’ HGTV, DIY Network and ABC’s Extreme Makeover: Home Edition.[5]

The company expanded into Canada in the fourth quarter of 2010. The expansion plan was to add 36 to 40 stores.[6]

In April 2020, the company publicly rebranded itself, changing its name to LL Flooring. On Dec.10, 2021, it announced the corporate entity name change to LL Flooring Holdings, Inc. would officially take effect January 1, 2022.[7]

Controversies

A 2013 report by the Environmental Investigation Agency revealed that Lumber Liquidators' indiscriminate and poor sourcing practices resulted in the destruction of critically endangered tiger habitats and forests.[8]

Further investigation led to the conviction of a Russian supplier in 2014. Shortly after the conviction Lumber Liquidators lost about twenty percent in stock value for potential violation of the Lacey Act. During 2015, the company's stock lost about half of its value in both the leadup to and the wake of a “60 Minutes” report about unsafe levels of formaldehyde in the Chinese-made laminate flooring that it was selling.[9][10] A number of class action lawsuits were brought on by customers, due to the formaldehyde issue and other customer service issues.

On June 16, 2015, Lumber Liquidators announced the "unexpected" resignation of its CEO, Robert Lynch. It also announced the termination of its Chief Merchandising Officer, William Schlegel. It also declared it would discontinue the sale of laminate flooring products manufactured in China.[11]

The company's founder, Tom Sullivan, served as interim CEO following the resignation and was replaced in November 2015 by John Presley.[12]

On October 22, 2015, Lumber Liquidators pleaded guilty in federal court to the illegal importation of hardwood flooring.[13] In February 2016, a federal judge sentenced the company to $13.15 million in penalties, consisting of $7.8 million in criminal fines, $3.15 million in civil forfeiture, $1 million in criminal forfeiture, and $1.2 million to conservation organizations.[14] It was the largest financial penalty ever issued for violating the Lacey Act of 1900.[15][16]

References

  1. ^ a b c d e f g h https://www.sec.gov/ix?doc=/Archives/edgar/data/1396033/000155837021002205/ll-20201231x10k.htm. Reviewed 24 May 2021.
  2. ^ Yahoo. May 28, 2020 https://www.yahoo.com/now/lumber-liquidators-announces-charles-e-100000354.html. {{cite web}}: Missing or empty |title= (help)
  3. ^ "2020 Form 10-K, Lumber Liquidators Holdings Inc". U.S. Securities and Exchange Commission.
  4. ^ "About Us". Lumber Liquidators. 2015. Retrieved March 26, 2015.
  5. ^ Miley, Marissa (February 24, 2009). "Sponsorships Help Insulate Lumber Liquidators From Housing Crisis". Advertising Age. New York. Retrieved March 26, 2015.
  6. ^ City, James (April 29, 2010). "Lumber Liquidators expanding into Canada". Daily Press. Newport News. Archived from the original on March 20, 2015. Retrieved March 26, 2015.
  7. ^ LL Flooring to Complete Corporate Name Change, LL Flooring News Release, Business Wire, Dec.10,2021, Retrieved Sept.20, 2022
  8. ^ "Liquidating the Forests". Environmental Investigation Agency. Washington, D.C. August 14, 2014. Retrieved March 26, 2015.
  9. ^ Lumber Liquidators stock pummeled after '60 Minutes' probe," by Gregory Wallace, CNN, March 2, 2015, Retrieved Sept.20, 2022
  10. ^ Lumber Liquidators shares spike as critics back off," by Everett Rosenfeld, CNBC, December 14, 2015, Retrieved December 17, 2015.
  11. ^ Lumber Liquidators Ceases Sale of Chinese Laminate Flooring and CEO Resigns, Gilman Law LLP Reports," Lumber Liquidators News Release, Businesswire, June 16, 2015, Retrieved Sept. 20, 2022
  12. ^ "Lumber Liquidators Names A New CEO As Sales Slump Persists". Forbes. Retrieved 2015-11-04.
  13. ^ "Lumber Liquidators pleads guilty to environmental crimes, agrees to pay more than $13M," by Everett Rosenfeld, CNBC, October 22, 2015, Retrieved December 19, 2015.
  14. ^ Bomey, Nathan. "Lumber Liquidators sentenced in wood import scheme". usatoday.com. USA Today. Retrieved February 1, 2016.
  15. ^ Huang, Jiayue (October 22, 2015). "Lumber Liquidators pays $13.2 million for environmental crimes". USA Today. Archived from the original on December 8, 2015. Retrieved August 25, 2019.
  16. ^ "Lumber Liquidators pleads guilty to environmental crimes". Los Angeles Times. October 22, 2015. Retrieved August 25, 2019.
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