Posted on 03/02/2015 9:34:30 AM PST by SeekAndFind
Lumber Liquidators shares are getting smoked after a report aired on "60 Minutes" Sunday night that showed major issues at some of the company's factories in China.
Near 11:15 a.m. ET on Monday, shares of the company were down more than 22%.
In premarket trade Monday, shares of Lumber Liquidators — North America's largest specialty retailer of hardwood floor — were down as much as 24%.
At the opening bell on Monday, shares of the company were halted, news pending.
Just after 11:00 a.m. ET, the company released a statement regarding the "60 Minutes" report, saying the newsmagazine used an improper testing method.
The "60 Minutes" report showed a factory in China making laminate flooring for Lumber Liquidators that was deliberately mislabeled to show that it complied with California regulations when it did not.
The report centered on elevated levels of formaldehyde, a known carcinogen, in Lumber Liquidators laminate flooring products sold in California.
(Excerpt) Read more at businessinsider.com ...
Yep also know as BS backroom deals. Some of the warranty issues on floors and installation regs are so stupid it makes my head hurt.
You usually can get warranty for radiant floor heating using some form of tile (Ceramic or porcelain etc.) provided you use the proper underlayment.
“Next week on 60 Minutes, our series focusing on Rush Limbaugh advertisers continues...”
Off shoring to avoid paying first world wages is traitorous and that is what tariffs are for. To stop the madness. The US taxpayer is on the hook to pay for our idled workforce. The bloom is off the Free trade rose. Noting is going to bring that back.
I have 1800 sq ft of oak i need refinishing, any idea how much is that going to cost me?
The house I live in is 70 years old, has real hardwood floors, only had to refinish them once and that was because we were adding on to the house and thought it would be a good time to do it.
Don't think any laminate would make it 70 years, especially with the moisture we have in south Louisiana.
My mom was all freaked out about me driving in my Chevy truck years ago - the one with the exploding gas tanks. “Mom - 60 Minutes had to wire it with explosives to get it to finally blow up! I’ll be okay!”
Yeah the ONE time she actually watched a news program this stupid story had to pop up..she already contacted the company she got the laminate flooring from..he has been getting phone calls all day from people(Figures) any ways, he said that the flooring in my sisters living room is American made, but her bedroom and soon to be baby’s room is from China, he said that EPA standards in California are very tough(Environmental whack jobs!) so its hard to tell what is truly safe standards
Not cheap if you have it done. If you do it yourself you'll save tons BUT it is not for the feint of heart hahaha.
BUT the resale value of real hardwood flooring is way above laminate AND it will last way longer.
If you are handy at all it you can rent the floor sanders cheap and it isn't really hard to do I mean as far as having a high learning curve, it is just messy and labor intensive and requires you to be down on your knees to get a good finish.
If you plan on hiring it done look for guys who are known floor refinishers rather than stores who sell flooring. And look for guys who have done it for many years, they can usually be trusted to do a good job.
“he said that EPA standards in California are very tough(Environmental whack jobs!) so its hard to tell what is truly safe standards...”
Reminds me of my pistol. Big yellow warnings on the box that say “This Firearm is Illegal in California”. (It has a magazine that can handle 16 rounds.)
Yeah well its California, if they could they would make EVERYTHING illegal here, except illegal aliens of course since they serve a purpose, voting Democrat
Yes very doubtful. We have already replaced many laminate floors that are only 5 years old or less because of bubbles and delamination. As soon as the salesmen starting bringing that stuff in the store years back I told them all that the flooring biz had made a major move into the "planned obsolescence" business model.
On the other hand back in the 70s my Dad was hired to fix some of the mosaic tiles in the Great Seal of OHIO floor mosaic in the Chillicothe courthouse. Which was Ohio's first State house in 1803. As far as I know that tile floor is STILL there and working fine after dad fixed those few tiles that needed replaced.
My 2 cents.
I spent several days sanding and refinishing floors at my former house prior to putting it on the market. I rented the sander from Home Depot. I would strongly advise you to pay someone else to sand the floors for you. The reason is IF you do it yourself, you will spend the next week cleaning the sanding dust from your house. The pros have HEPA filter dust collection systems that suck up 99.9% of the dust. It will cost you about $2.00/square foot to have them sanded.
You can put the stain and finish down yourself. That part is pretty easy.
check the food you buy for country of origin, alot of frozen food comes from china. Broccoli,carrots,peas, lots of fish products
Oh man, my floors will cost about $1200 or more to just sand. Oh well, it’s only money.
Got any hair left?
Have you ever seen Myrtlewood flooring?
I can’t say I ever have.
He inspects facilities worldwide, including stateside. What he has found through long experience is the problem in China of attempts to cut corners that he has not had the same level of problems elsewhere.
I also worked for a large multinational corporation that considered China - but after a management visit found the quality control abysmal and limited the kinds of things that could be manufactured there severely.
While you and your uncle may have excellent reasons for your impressions about Chinese corner-cutting, the fact is that both Apple and Dell began assembly in China when they were minnows compared to their present sizes, yet have preserved their reputations for reliability that remain better, or at least no worse, than the competition. And well before they began assembling in China, they were using Chinese-made parts. As a consumer, I have sampled the products of various American, Japanese and Korean manufacturers before and after the move to China (with an intermediate period in Taiwan, S Korea, Singapore, Malaysia, Thailand and Indonesia) and I honestly can't tell the difference. Perhaps the difference is the degree of hands-on involvement. Before the era of massive (and reliable) subcontractors like Taiwan's Foxconn (aka Hon Hai), companies used to build their own facilities from scratch. Either way, they had up-and-comers from HQ stationed there, typically on rotation, to make sure the locals kept their noses clean. Simply parachuting an auditor in every few months may not be sufficient.
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