LL - LL Flooring falls amid short report from Bleecker Street

2023-10-17 14:03:33 ET

LL Flooring ( NYSE: LL ) dropped 8% amid a short report from Bleecker Street.

The Bleecker Street report casts doubt on if Live Ventures ( NASDAQ: LIVE ) can complete its recent $5.85 share bid for LL Flooring ( LL ), formerly known as Lumber Liquidators.

LL Flooring ( LL ) shares jumped 36% on Thursday after U.S. investment firm Live Ventures ( LIVE ) offered to buy the flooring retailer for $194.4 million in cash. LL Flooring on Thursday afternoon confirmed that it received the unsolicited offer from Live Ventures.

Representatives for Live Ventures ( LIVE ) didn't immediately return Seeking Alpha email request for comment.

Bleecker Street Capital disclosed that it's short shares of LL Flooring ( LL ). LL short interest is 3.4%.

The Live Ventures offer comes after LL ( LL ) after the company's founder withdrew his $5.76 a share takeover offer for the flooring retailer in August. LL founder Tom Sullivan, through the F9 Group and Cabinets to Go, said the group was withdrawing its offer "in light of LL’s deteriorating financial and operational performance and eroding value."

LL Flooring ( LL ) shares soared 24% on Aug. 11 after announcing that it planned to explore strategic alternatives, including a potential sale of the company.

More on LL Flooring

• LL Flooring Receives A Non-Binding Offer At $5.85 Per Share
• LL Flooring: Weak Q2 2023 Results Leave It In A Challenging Position
• LL Flooring Holdings, Inc. (LL) Q2 2023 Earnings Call Transcript
• LL Flooring surges on $194 million takeover offer from Live Ventures (update)
• LL Flooring drops as founder withdraws takeover offer

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