Tags: Lumber Liquidators | Sales | Chinese | Laminate Flooring

Lumber Liquidators Suspends Sales of Chinese Laminate Flooring

Thursday, 07 May 2015 08:41 AM

Lumber Liquidators Holdings Inc. is suspending sales of laminate flooring from China until a special committee of its board finishes studying suppliers’ certification and labeling processes.

The committee has hired Freeh Group International Solutions, led by former FBI director Louis Freeh, to help with the review, Toano, Virginia-based Lumber Liquidators said in a statement Thursday.

Lumber Liquidators is trying to win back customers that it lost after “60 Minutes” aired a report saying it sold Chinese- produced laminate flooring with excessive levels of formaldehyde, a known carcinogen. The company’s sales have slid since the report and it has lost more than half of its market value this year.

In the aftermath of the report, Lumber Liquidators began offering free indoor air-quality screening to some of its flooring customers. The company said Thursday that it has reviewed 3,400 test kits from 2,600 households and found that more than 97 percent showed formaldehyde air concentrations that were lower than the World Health Organization considers dangerous to long-term health.

“Despite the initial positive air quality testing results we have received, we believe it is the right decision to suspend the sale of these products” Chief Executive Officer Robert Lynch said in the statement. “We will work diligently to meet the needs of our customers and to ensure their satisfaction.”

The shares were little changed at $27.26 at 7:37 a.m. in early trading in New York.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Lumber Liquidators Holdings Inc. is suspending sales of laminate flooring from China until a special committee of its board finishes studying suppliers' certification and labeling processes.
Lumber Liquidators, Sales, Chinese, Laminate Flooring
232
2015-41-07
Thursday, 07 May 2015 08:41 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved