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A sign advertising a Lumber Liquidator's sale. The company, now known as LL Flooring, began closing stories nationwide this week. Scott Olson/Getty Images

Lumber Liquidators is itself liquidating.

LL Flooring, known previously as Lumber Liquidators, said in a statement posted online that it will begin "an orderly wind-down of operations" in its 300 stores nationwide with closing sales starting Friday.

The process to close the stores will take about 12 weeks, it said.

"We have actively negotiated with multiple bidders, but these discussions have not resulted in an offer, with the necessary financing, that would maximize the value of LL Flooring" it said in a letter to customers.

"As a result, it is with a heavy heart that we must let you know that we are going to begin the process of winding down LL Flooring's business and closing all of our stores. This is not the outcome that any of us had hoped for," it continued.

LL Flooring changed its name from Lumber Liquidators in 2021.

It paid $33 million in criminal penalties in 2019 for misleading customers after a "60 Minutes" report accused the company of selling Chinese-made laminate flooring that contained unsafe levels of formaldehyde.

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