American flooring company LL Flooring, previously known as Lumber Liquidators, has filed for bankruptcy and will be shuttering all of its 442 stores across 47 states. This, after being in business for the past three decades.

The retailer is one of the largest flooring companies in the US and is considered one of Home Depot's biggest rivals. Around 2,000 of its employees will now be without jobs.

The company informed customers about the bankruptcy in a letter sent on Wednesday, obtained by the Daily Mail.

"It is with a heavy heart that we must let you know that we are going to begin the process of winding down the business and closing all of our stores," LL Flooring said.

The company will now begin liquidating its inventory in order to close down its remaining stores. It had already shuttered 100 of its 442 stores to cut costs after being unable to obtain investors and find a buyer. The rest of the liquidations are scheduled to begin on Friday and will last for approximately 12 weeks.

LL Flooring filed for Chapter 11 bankruptcy on Aug. 11, which allows companies to continue business operations while figuring out how to cut costs and renegotiate with firms regarding owed money. The retailer, which specializes in hardwood flooring, has experienced a decrease in sales over the past year as families have reduced spending on home remodeling as high inflation hits the US.

LL Flooring is not the sole home improvement and furniture store that has been impacted by the Biden-Harris economy. The Daily Mail reports that Conn's HomePlus, an appliance retailer, is closing more than 170 of its locations, while Badcock Home Furniture and More announced in July that it would close all 380 store locations. LL Flooring was started by Tom Sullivan in 1994.