The company reported that sales grew in all segments, with top-line results benefiting from price increases, enhanced product mix, improvements in commercial and contributions from small acquisitions.
Despite economic drivers that are creating uncertainty, 2022 is still shaping up to be a strong year for flooring, with many avenues leading to opportunity.
The $24 million debtor-in-possession financing will provide the company with the necessary liquidity to continue operating in the ordinary course as it pursues a swift, value-maximizing sale process.
The company said it proactively increased efficiency across its business and continues to implement cost control measures that, when paired with strong order momentum,will provide a strong foundation for growth for the remainder of the year and beyond.
The company said it faced macroeconomic headwinds from inflation and a shift in consumer spending to travel and leisure this year compared to stimulus and nesting spending in the first quarter of 2021.