Lumber Liquidators Holdings Inc (NYSE:LL) is no longer selling laminate floors made in China.
Lumber Liquidators has decided to suspended the sale of laminate floors for the moment. The company is planning to conduct a sourcing compliance program and will start selling laminate floors after it’s completed. Freeh Group International Solutions will act as an adviser to the program, reports USA Today.
Lumber Liquidators’ decision to stop selling laminate floors made in China comes after a 60 Minutes report in March revealed they could contain toxic levels of formaldehyde. The report also resulted in many class-action lawsuits being filed against the company and a probe by the Consumer Product Safety Commission, USA Today notes.
According to Forbes, Lumber Liquidators sources almost half of its laminates from China. It also saw these laminates make up 13% of its sales in 2014. A test of 3,400 laminate floors from the company showed that 97% contained levels of formaldehyde that were considered safe.
LL shares were up 1% as of Thursday afternoon.
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