REPORT: Lumber Liquidators founder backs out of acquisition plan
Lumber Liquidators founder Thomas Sullivan has decided he will not pursue an acquisition of his former company.
Earlier this month, Sullivan indicated that he wanted to combine Lumber Liquidators with his business Cabinets to Go based in Lawrenceburg, Tenn.
But according to a report by Bloomberg, Sullivan said he has decided not to continue his efforts and will not move forward until there are changes in management and the board of directors at Lumber Liquidators.
In the past two months, Sullivan grew his share of the flooring retailer to as much as 7.7%. His increase in ownership also helped drive up the price of Lumber Liquidator shares by as much as 37%. Prior, share prices had fallen by 15% in 2019.
Lumber Liquidators reached a September high of $13.33 on Sept. 11, but was trading at $9.95 on Sept. 13.
Sullivan now owns just 1.6% of the company after selling-off much of his stock and made “millions” in the process, Bloomberg says.
Lumber Liquidators operates about 400 locations.
Earlier this month, Sullivan indicated that he wanted to combine Lumber Liquidators with his business Cabinets to Go based in Lawrenceburg, Tenn.
But according to a report by Bloomberg, Sullivan said he has decided not to continue his efforts and will not move forward until there are changes in management and the board of directors at Lumber Liquidators.
In the past two months, Sullivan grew his share of the flooring retailer to as much as 7.7%. His increase in ownership also helped drive up the price of Lumber Liquidator shares by as much as 37%. Prior, share prices had fallen by 15% in 2019.
Lumber Liquidators reached a September high of $13.33 on Sept. 11, but was trading at $9.95 on Sept. 13.
Sullivan now owns just 1.6% of the company after selling-off much of his stock and made “millions” in the process, Bloomberg says.
Lumber Liquidators operates about 400 locations.