Douglas T. Moore, Ashish Parmar and Nancy M.
Taylor Have the Right Mix of Skills and Experience Relevant to the
Company and its Current Operating Environment
Leading Independent Proxy Advisor ISS
Recommends Shareholders Vote “FOR” the Majority of LL Flooring’s
Nominees
Thomas Sullivan and His Nominees Would Bring No
Additive Skills to Your Board
2024 Annual Meeting of Stockholders Scheduled
for July 10, 2024
Visit www.VoteLLFlooring.com for More
Information
LL Flooring Holdings, Inc. (“LL Flooring” or “Company”) (NYSE:
LL) today reminds all shareholders to vote the universal
WHITE proxy card “FOR” ONLY LL
Flooring’s three highly qualified director nominees in advance of
the Company’s 2024 Annual Meeting of Stockholders, scheduled to
take place on July 10, 2024. Shareholders are encouraged to visit
www.VoteLLFlooring.com for more information and voting
instructions. As shareholders consider their vote, LL Flooring
reminds them of three critical factors to inform their
decision:
- LL Flooring’s highly qualified and engaged nominees are the
right directors to guide the Company forward. Over the course
of their respective tenures as members of your Board, Messrs. Moore
and Parmar and Ms. Taylor have been active and engaged, leveraging
their deep collective experiences and expertise to provide
critical, independent oversight and decision making. Mr. Sullivan’s
nominees offer no incremental value to your Board.
- Leading independent proxy advisor Institutional Shareholder
Services (“ISS”) recommends shareholders vote “FOR” the majority of
LL Flooring’s director nominees. ISS supports the majority of
your highly qualified Board nominees and recognizes the value they
bring to your Board and company. Moreover, in recommending a vote
“FOR” your Chair, Ms. Taylor, ISS has demonstrated confidence in
Ms. Taylor’s leadership capabilities. In its report, ISS
highlighted the following1: “The incumbent nominees have skills and
experience relevant to the company's challenges.” “…given
Sullivan's history with the company, his presence on the board may
prove to be counterproductive.”
- Mr. Sullivan and his nominees would not bring additive
public company board or public company executive leadership
experience to LL Flooring. In fact, if Mr. Sullivan’s nominees
were elected, they would remove superior talent, critical skills
and three independent directors from your Board.
Vote today “FOR” ONLY
LL Flooring’s three highly qualified and engaged director nominees
on the universal WHITE proxy card
Your Board unanimously recommends that you vote “FOR” the
election of each of the three nominees proposed by your Board,
Messrs. Moore and Parmar and Ms. Taylor, on your universal
WHITE proxy card.
Your Board strongly urges you to DISCARD and NOT vote using any
gold proxy card that may be sent to you by Mr. Sullivan. If you
have already voted using a gold proxy card sent to you by Mr.
Sullivan, you have every right to change your vote and we strongly
encourage you to revoke that proxy by using the WHITE proxy card to vote in favor of ONLY the
three nominees recommended by your Board – by Internet or by
signing, dating and returning the enclosed WHITE proxy card in the postage‐paid envelope
provided. Only the latest validly executed proxy that you submit
will be counted – any proxy may be revoked at any time prior to its
exercise at the Annual Meeting.
Your vote is very important. Even if you plan to attend the
Annual Meeting, we request that you read the proxy statement and
vote your shares by signing and dating the enclosed universal
WHITE proxy card and returning it in
the postage‐paid envelope provided or by voting via the Internet by
following the instructions provided on the enclosed universal
WHITE proxy card.
If you have any questions or
require any assistance with voting your shares, please contact our
proxy solicitor, Saratoga,
at (888) 368‐0379 or (212)
257‐1311
or by email at
info@saratogaproxy.com.
About LL Flooring
LL Flooring is one of the country’s leading specialty retailers
of hard-surface flooring with more than 435 stores nationwide. The
Company seeks to offer the best customer experience online and in
stores, with more than 500 varieties of hard-surface floors
featuring a range of quality styles and on-trend designs. LL
Flooring's online tools also help empower customers to find the
right solution for the space they've envisioned. LL Flooring's
extensive selection includes waterproof hybrid resilient,
waterproof vinyl plank, solid and engineered hardwood, laminate,
bamboo, porcelain tile, and cork, with a wide range of flooring
enhancements and accessories to complement. LL Flooring stores are
staffed with flooring experts who provide advice, Pro partnership
services and installation options for all of LL Flooring's
products, the majority of which is in stock and ready for
delivery.
Learn More about LL Flooring
- Our commitment to quality, compliance, the communities we serve
and corporate giving: https://llflooring.com/corp/quality.html
- Follow us on social media: Facebook, Instagram and
Twitter.
Forward Looking Statements
Certain statements in this press release may include statements
of the Company’s expectations, intentions, plans and beliefs that
constitute “forward-looking statements” within the meanings of the
Private Securities Litigation Reform Act of 1995. These statements,
which may be identified by words such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “assumes,”
“believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,”
“projects,” “targets,” “potential,” “will likely result,” and other
similar terms and phrases, are based on the beliefs of the
Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management as of
the date of such statements.
These statements are subject to risks and uncertainties, all of
which are difficult to predict and many of which are beyond the
Company’s control. These risks include, without limitation, the
impact of any of the following: reduced consumer spending due to
slower growth, economic recession, inflation, higher interest
rates, and consumer sentiment; our advertising and overall
marketing strategy, including anticipating consumer trends and
increasing brand awareness; the results of our ongoing strategic
review; a sustained period of inflation impacting consumer
spending; our inability to execute on our key initiatives or if
such key initiatives do not yield desired results; stock price
volatility; competition, including alternative e-commerce
offerings; liquidity and/or capital resources changes and the
impact of any changes or limitations, including, without
limitation, ability to borrow funds and/or renew or roll over
existing indebtedness; transportation availability and costs,
including the impact of the war in Ukraine and the conflict in the
middle east on the Company’s European and Asian suppliers;
potential disruptions to supply chain and product availability
related to forced labor and other trade regulations; including with
respect to the Uyghur Forced Labor Prevention Act; inability to
hire and/or retain employees; inability to staff stores due to
overall pressures in the labor market; the outcomes of legal
proceedings, and the related impact on liquidity; reputational
harm; inability to open new stores with acceptable financial
returns, find suitable locations for our new stores, and fund other
capital expenditures; managing growth; disruption in our ability to
distribute our products, including due to severe weather; operating
an office in China; managing third-party installers and product
delivery companies; renewing store, warehouse, or other corporate
leases; maintaining optimal inventory for consumer demand; our and
our suppliers’ compliance with complex and evolving rules,
regulations, and laws at the federal, state, and local levels
having an overreliance on limited or sole-source suppliers; damage
to our assets; availability of suitable hardwood, carpet and other
products, including disruptions from the impacts of severe weather
and supply chain constraints; product liability claims, marketing
substantiation claims, wage and hour claims, and other labor and
employment claims; sufficient insurance coverage, including
cybersecurity insurance; disruptions due to cybersecurity threats,
including any impacts from a network security incident; the
handling of confidential customer information, including the
impacts from the California Consumer Privacy Act, California
Privacy Rights Act and other applicable data privacy laws and
regulations; management information systems and customer
relationship management system disruptions; obtaining products
domestically and from abroad, including tariffs, the effects of
antidumping and countervailing duties, and delays in shipping and
transportation whether due to international events, such as the Red
Sea shipping crisis, or scenarios outside of the Company’s control;
impact of changes in accounting guidance, including implementation
guidelines and interpretations related to Environmental, Social,
and Governance matters; deficiencies or weaknesses in internal
controls; and anti-takeover provisions.
The Company specifically disclaims any obligation to update
these statements, which speak only as of the dates on which such
statements are made, except as may be required under the federal
securities laws.
Additional factors are set forth in the Company’s Annual Report
on Form 10-K and Form 10-K/A for the year ended December 31, 2023,
under the captions “Risk Factors”, the Company’s quarterly report
on Form 10-Q for the quarter ended March 31, 2024, and subsequent
filings with the SEC.
1 Permission to use quotes neither sought nor received
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240702372289/en/
For further information:
LL Flooring Investor Relations ICR Bruce Williams
ir@llflooring.com Tel: 804-420-9801
For media inquiries: Ed Trissel / Spencer Hoffman Joele Frank,
Wilkinson Brimmer Katcher 212-355-4449
For Investors: Saratoga Proxy Consulting LLC: John Ferguson /
Joe Mills info@saratogaproxy.com Tel: 212-257-1311
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