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.
More than two-thirds of companies surveyed said they are anticipating this will be a good or very good year, and that demand for their services will continue to increase.