Lumber Liquidators celebrates 300-store milestone

Lumber Liquidators celebrated the opening of its 300th store Wednesday in Las Vegas, marking a major milestone for the retailer and showcasing the company's new "store of the future" format.

In honor of the opening, the company is holding an unprecedented end-of-quarter clearance event at all 300 locations until June 30. This is the first time Lumber Liquidators has held a sale on all of its products at the same time.

"From the launch of the business almost 20 years ago in a warehouse in West Roxbury, Mass., we have grown to become the industry leader in hardwood flooring, satisfying over 1.3 million customers in just the last three years," said president and CEO Robert Lynch. "Our direct sourcing from mills around the world, where we purchase the majority of the mills' output, enables us to set strict standards for quality while providing the widest assortment of products at the lowest prices."

The store of the future design includes an expanded showroom of roughly 1,600 sq. ft., which showcases a greater variety of flooring options, moldings and accessories. Lumber Liquidators has so far opened 12 new stores in 2013, with an expected total of 25 to 35, all featuring the new layout.

The news comes amid accusations that the company's products contain illegal levels of formaldehyde, which Lumber Liquidators denied in a statement to HCN. Seeking Alpha, which brought the claims to light in a report last Thursday, noted that the clearance event, announced just days after the report was published, could be the company's way of selling off its noncompliant inventory. The press release expressly noted, however, that the sale was "part of the company's planned marketing schedule set earlier in the year."