Flooring, flooring tools and accessories retailer LL Flooring — formerly known as Lumber Liquidators — voluntarily commenced Chapter 11 proceedings in the U.S. Bankruptcy Court.

The announcement came a little over a month after a report surfaced that the company was considering Chapter 11 proceedings, and roughly two months after LL Flooring announced “decisive actions” aimed to drive growth and position the company for long-term success. Meanwhile, a battle between shareholders and company directors to oust LL Flooring’s current leadership board has been ongoing for several months.

The company — with more than 300 stores throughout the U.S. — entered into an agreement with Hilco Merchant Resources to assist in its initial store closing sales at 94 of its locations. Those stores will remain open during the closing process, according to LL Flooring.

“After comprehensive efforts to enhance our liquidity position in a challenging macro environment, a determination was made that initiating this Chapter 11 process is the best path forward for the Company,” LL Flooring President and CEO Charles Tyson said in an Aug. 11 news release. “Today’s step is intended to provide LL Flooring with additional time and financial flexibility as we reduce our physical footprint and close certain stores while pursuing a going-concern sale of the rest of our business. As we move through this process, we are committed to continuing to serve our valued customers, and to working seamlessly with our vendors and partners.”

LL Flooring received a commitment for debtor-in-possession (DIP) financing, from its existing bank group led by Bank of America, of up to $130 million.

The company has filed several customary motions relating to Chapter 11 proceeding, noting that they will allow for a smooth transition into Chapter 11 including: granting authority to continue payment of wages; maintaining healthcare and other benefits; and other relief customary in these circumstances.

Skadden, Arps, Slate, Meagher & Flom is serving as legal counsel, Houlihan Lokey is serving as financial adviser, and AlixPartners is serving as restructuring advisor to LL Flooring.