Tuesday, May 10, 2016

Lumber Liquidators Struggles Continue Into a New Year

Image result for lumber liquidatorsLumber Liquidators reported a wider-than-expected first-quarter loss and sales declined for a fifth straight quarter as the flooring company spends heavily to put behind it damaging reports on potentially dangerous products imported from China.

The company will contribute $26 million and a million of its shares to a settlement fund to resolve a related class action. That follows an announcement last month that the Toano, Virginia, company would pay $2.5 million to settle allegations that some of its products violated California's air-safety standards. Last year, it paid $13.2 million in fines and pleaded guilty to environmental crimes for importing China-made flooring that contained timber illegally logged in eastern Russia.. . . more

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