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Lumber Liquidators shares rally after founder announces take-private plan

Lumber Liquidators Holdings Inc. founder Thomas Sullivan said in a regulatory filing dated Sept. 3 that he wants to explore options for the retailer, including a possible sale.

Sullivan, who owns a 5.96% stake in the retailer through his F9 Investments LLC, said in the filing that he is also looking into a potential merger with his current company, Cabinets To Go LLC.

According to a report by Bloomberg News, Sullivan reportedly criticized the retailer and its CEO, Dennis Knowles, for getting away from its success formula of low overhead and big marketing budgets.

Shares of the home improvement retailer jumped by as much as 17% in after-hours trading following the announcement, the news wire said.

Lumber Liquidators did not immediately respond to S&P Global Market Intelligence's request for comment.