Here’s a recap of the top stories for the week of September 20, 2024:
Bankruptcy court approves $40M sale of LL Flooring assets to Lumber Liquidators founder
Reported by Richmond Bizsense’s Michael Schwartz
Bankrupt LL Flooring is a step closer to being sold to its founder and former CEO in a deal that will keep about half of its stores and employees intact.
The Henrico-based retailer on Monday received approval from U.S. Bankruptcy Court Judge Brendan Shannon to move forward with a “going-concern” sale to an affiliate of F9 Investments, a private equity firm run by Thomas Sullivan, who founded LL as Lumber Liquidators 30 years ago.
The deal calls for F9 to retain 219 of LL’s 430 stores, along with the stores’ inventory and that of the company’s massive distribution center in Sandston. F9 also agrees to save the jobs of up to 1,000 LL employees.
In exchange, the LL bankruptcy estate expects to receive cash consideration of $40 million-$43 million from F9, according to court documents.
With the judge’s blessing in hand, it’s now up to the two sides to consummate the deal, which is expected to close by Sept. 30.
Boarded-up stretch of Manchester to be razed for 5-story apartment building
Reported by Richmond Bizsense’s Mike Platania
Two dilapidated buildings along Manchester’s main drag could soon make way for a new-construction apartment project that would rise five stories.
Walter Parks, Richard Smith and Malcome Sargent have filed plans for a 112-unit building at 1501-1511 Hull St.
Parks, Smith and Sargent all have backgrounds in the real estate industry: Parks leads his namesake architecture firm; Smith runs demolition and construction business RJ Smith Cos.; and Sargent is president of Lakeside-based general contractor SRC Construction.
The trio are also behind a separate five-story, 60-unit apartment building that’s in the works on the next block at 1401-1407 Hull St.
Toast restaurant opens new spot at Scott’s Walk near The Diamond
Reported by Richmond Bizsense’s Mike Platania
Activity continues along Arthur Ashe Boulevard, as a local restaurant group has debuted its latest spot across from the forthcoming Diamond District.
Last week Toast New American Gastropub opened in the Scott’s Walk development, its third in the Richmond region.
Located at 3038 N. Arthur Ashe Blvd., the new eatery is just down the street from where the Flying Squirrels’ new ballpark recently kicked off construction.
Toast first opened in the West End’s Village Shopping Center in 2012 before adding a Powhatan location at Winterfield Place in 2017. The restaurants are open for brunch, lunch and dinner, serving things like shrimp and grits, pimento cheese wontons and a variety of sandwiches and burgers.
Co-owner Chris Staples said the new spot’s menu will be mostly identical to the other Toasts’, with some homages to The Diamond area.
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