Major Home Improvement Supplier Files For Bankruptcy

If you're a Michigan resident looking to do a little DIY or build a new home, you may see major price increases as this home improvement supplier files Chapter 11.

Home Improvement Companies Face Multiple Struggles

LL Flooring, formerly known as Lumber Liquidators filed for Chapter 11 bankruptcy last summer, hoping to find a buyer to save its more than 400 stores throughout the US.

The company had originally planned to close only two Michigan locations but its bid to stay afloat was unsuccessful The retailer was forced to shutter all of its stores in Michigan and throughout the country.

While Home Depot still has a strong foothold on the home improvement supply business, Lowe's was forced to close more than 50 stores in 2018, including two locations in Genesee County. According to its website, Lowe's currently operates 45 stores in 43 Michigan cities.

Major Home Improvement Supplier Faces Financial Difficulties

While the name TimberHP may not be top-of-mind, you may already have its products in your home. TimberHP is the only manufacturer of wood fiber insulation in the US, and its parent company has filed a prearranged Chapter 11 bankruptcy after reaching agreements with lenders and partners.

According to The Street, Go Lab is the parent company of TimberHP and distributes TimberBatt, TimberFill, and TimberBoard wood fiber insulation products.

Inflation and supply chain issues are being blamed for the company's woes, which could lead to increased costs for residents of Michigan and other states looking to add wood fiber insulation to their homes or embark on new-build projects.