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LL Flooring (NYSE:LL) surged 17% after holder F9 Investments said that its three nominees were added to the board.
All three F9 nominees, Tom Sullivan, Jason Delves, and Jill Witter, were elected to the board at the annual meeting based on preliminary voting results, according to a statement from F9 on Wednesday.
“We are deeply appreciative of the support our nominees received from LL Flooring’s shareholders,” Sullivan said in the statement. “As newly elected directors, we are committed to getting to work immediately and in close collaboration with our new Board colleagues.”
Sullivan, who founded Lumber Liquidators, which changed its name to LL Flooring (LL), in May renominated himself and two others for the flooring company’s board.
In January Sullivan withdrew his $3-a-share takeover offer for the flooring retailer. Sullivan and F9 made an offer for the flooring chain last May that was rejected by LL Flooring after he also attempted to buy it in 2019. Sullivan was trying to combine LL Flooring with Cabinets to Go.
The conclusion of the board fight comes as LL Flooring (LL) is struggling to stay afloat. Bloomberg reported a week ago that the flooring retailer is considering filing for Chapter 11 and may seek protection from creditors in the coming weeks as it tries to deal with dwindling access to cash and slumping sales.