In March, Lumber Liquidators’ stock dipped after a “60 Minutes” report put a spotlight on activists and homeowners who say the chain’s laminate flooring from China contains unsafe levels of formaldehyde.
At the time, the company went on defense. Now, though it’s still defending its practices and products, Lumber Liquidators is opting to stop selling the flooring in question, at least temporarily. The company’s Thursday statement reads, in part:
As previously announced, a Special Committee composed of independent directors, with the assistance of third party advisors, has been conducting a review of allegations regarding laminate flooring sourced from China. This review includes a comprehensive review of the Company’s sourcing compliance program and related policies. The review is ongoing and any findings are preliminary.