Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Lumber Liquidators has formed a new parent holding company to provide flexibility to make it easier for the company to expand internationally, the company says.
Lumber Liquidators, the multichannel retailer of prefinished and unfinished hardwood floors, has formed a new parent company Lumber Liquidators Holdings Inc., effective Dec. 31.
The new corporate structure provides flexibility to make it easier for the company to expand internationally, as well as to provide a more efficient structure for risk mitigation, compensation and other benefits, says a company spokeswoman. To date, the company has not released any plans for international expansion.
Under the new corporate structure, the business operations of the company and its subsidiaries remain the same.
The new company’s executive officers, board of directors and bylaws are the same as those of the former Lumber Liquidators Inc. Outstanding shares of the former parent company’s stock were automatically converted on a share-for-share basis into identical shares of common stock of the new holding company.
Lumber Liquidators is No. 234 in the Internet Retailer Top 500 Guide (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name).