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Court for permission to auction the remaining 371 stores and hold store closing sales. On
October 14, the company announced its official sale to a group of asset recovery specialists. The company began going-out-of-business sales at its remaining stores in both the United States and Canada and on the
234:
The operating loss (after a charge of $ 16.8 million for impairment of property and equipment in the more recent quarter) was $ 56.6 million against a loss of $ 17.9 million a year ago. After net interest expense and other income & expense, the loss before income taxes was $ 79.2 million compared
289:
In 2009, Linens 'n Things emerged from bankruptcy as planned and announced that the website would remain open for business following the conclusion of the primary online store closing sale. The e-commerce site was taken over by new ownership to continue the same focus as the brick and mortar stores
255:
and closed 120 stores. In August 2008, Linens 'n Things devised a plan to emerge from bankruptcy early in 2009. Under the plan, the retailer intended to reverse many of the strategies introduced after the company was bought by Apollo. Chief among those tactics was a shift to splashy clearance sales
242:
reported that the company was seeking to sell its highly profitable
Canadian Division, but no one at Linens 'n Things would confirm nor deny this, saying only that an adviser had been hired to explore strategic alternatives. Ultimately the Canadian Linens 'n Things stores met the same fate as their
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1.3 billion. As a part of the transition from a public company to the private-owned business, the position of CEO went from Norman
Axelrod to Robert (Bob) DiNicola; alongside of him were several executives such as F. David Coder who is President and Omer Fancy who is the executive Vice President of
135:
operated 571 stores in 47 U.S. states and six
Canadian provinces, and had 7,300 employees as of December 2006. The company's business strategy was "to offer a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and
230:
for the quarterly period ended
September 29, 2007, Linens Holding Co. and subsidiaries (including Linens 'n Things, Inc. acquired in February 2006 for cash of approximately $ 1.3 billion) reported net sales of $ 666.8 million, versus $ 658.2 million in the year-earlier period. The increase in net
139:
Burdened with debt after private equity buyouts, the company announced it would shutter all remaining stores in
October 2008. It was relaunched as an online-only retailer in February 2009 at its former domain name, LNT.com, selling similar products as its brick-and-mortar stores had. As an online
256:
and product promotions. Revised management wished to return Linens 'n Things to an "everyday, low price" model it had pursued during its earlier years as a public company. It also wished to improve the quality of its merchandise and to keep shelves stocked in timely fashion, the paper said.
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sales was primarily due to the opening of new stores since Sept. 30, 2006 offset by the impact of a decline in comparable store sales. The decline in comparable store sales was primarily due to a decline in customer transactions partially offset by an increase in average transaction value.
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The brand is currently under the ownership of Retail
Ecommerce Ventures, a holding company founded by Alex Mehr and Tai Lopez, which is dedicated to acquiring and reviving distressed brands as e-commerce businesses. REV has also acquired a number of other brands, such as
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prior to their closing. Following the conclusion of business on the original website on
February 15, 2009, customers were redirected to the online store's new home, originally located at thenewlnt.com but later relocated to the old domain name, lnt.com.
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163:, which acquired it that year. Under CEO Norman Axelrod, who joined in 1989, the company expanded aggressively, particularly in the superstore format; it was locked in a race for locations against archrival
151:
In
November 1958, Eugene Wallace Kalkin established a leased-linen department in the New Jersey discount retailer Great Eastern Mills. After a succession of corporate ownership changes and the bankruptcy of
264:
chain's website, LNT.com, on
October 17. The sales concluded on December 28, 2008 in all stores, but Linens 'n Things continued the going-out-of-business sale on its website until February 15, 2009.
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In July 2020, the rights to Linens 'n Things were acquired by holding company Retail Ecommerce Ventures (REV). As of November 2020, the website was relaunched for the second time.
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to a loss of $ 41.7 million. After provision/benefit for income taxes, Linens Holdings reported a net loss of $ 79.9 million versus a net loss of $ 27.4 million.
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On March 2, 2023, Retail Ecommerce Ventures, Linens 'n Things' current parent, announced that it was mulling a possible bankruptcy filing.
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Gordon Brothers Group And Hilco Global Announce Sale Of Linens 'N Things To Galaxy Brand Holdings
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By 1983, the chain had grown to 55 stores, and attracted the interest of retail conglomerate
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specializing in home textiles, housewares, and decorative home accessories. Based in
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to the Galaxy Brand Holdings, subsequently shutting down the website in 2018.
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On October 7, 2008, Bloomberg News reported that Linens 'n Things asked the
730:"Pier 1 Imports Gets A Second Chance Online, From E-Commerce Entrepreneurs"
445:"Pier 1 Imports Gets A Second Chance Online, From E-Commerce Entrepreneurs"
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Linens N Things was sold on December 9, 2013 from Gordon Brother &
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A Linens 'n Things store (with older logo) going out of business in
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List of banks acquired or bankrupted during the Great Recession
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Linens 'n Things Seeks to Sell Canadian Stores, N.Y. Post Says
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Linens 'n Things seeks to speed up remaining store closings
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Dodd–Frank Wall Street Reform and Consumer Protection Act
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Companies that filed for Chapter 11 bankruptcy in 2008
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National fiscal policy response to the Great Recession
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480:"LNT: 33 Years Later, Saying Goodbye to An Old Friend"
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Companies that filed for Chapter 7 bankruptcy in 2010
754:"Owner of RadioShack, Pier 1 in danger of bankruptcy"
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Linen 'n Things files bankruptcy, to close 120 stores
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1463:Companies that have filed for Chapter 7 bankruptcy
1313:(Europe, Middle East and North Africa, Asia; 2009)
140:retailer, it originally ceased operating in 2018.
401:"Linens 'n Things store closings to begin Friday"
267:Following the chain's closure, a vacant store in
199:A Linens 'n Things store (showing newer logo) in
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275:in 2011 to construct and film sets for his film
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1088:Emergency Economic Stabilization Act of 2008
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251:On May 2, 2008, Linens 'n Things filed for
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1189:Housing and Economic Recovery Act of 2008
1073:China–Japan–South Korea trilateral summit
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1053:Government policy and spending responses
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535:"Linens Holding Co. Chapter 11 Petition"
506:"A Retailer Tries to Blanket Its Market"
504:Lasseter, Diana G. (November 15, 1995),
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228:U.S. Securities and Exchange Commission
1438:American companies established in 1975
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226:According to Form 10-Q filed with the
1418:Online retailers of the United States
1098:Temporary Liquidity Guarantee Program
1068:Banking (Special Provisions) Act 2008
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989:Federal Deposit Insurance Corporation
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417:"Linens 'n Things liquidating stores"
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632:""Moonrise Kingdom" release is set"
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1488:Apollo Global Management companies
1468:Private equity portfolio companies
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369:by Carol Fletcher, March 16, 2007.
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1369:2007–2008 world food price crisis
1169:Chinese economic stimulus program
1154:2008 European Union stimulus plan
1078:Commercial Paper Funding Facility
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658:"Linens 'n Things Reopens Online"
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1397:List of countries by public debt
1024:National Asset Management Agency
691:"Linens-N-Things Official Store"
354:Linens 'n Things trims workforce
136:maintain low operating costs."
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1269:Collateralized debt obligations
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693:. Jun 10, 2018. Archived from
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1174:Economic Stimulus Act of 2008
1108:Troubled Asset Relief Program
1034:Office of Financial Stability
1009:Federal Housing Finance Board
943:Société Générale trading loss
323:
1093:Irish emergency budget, 2009
705:– via web.archive.org.
656:Korky Vann (April 2, 2009).
7:
583:, accessed August 18, 2008.
403:, accessed October 16, 2008
146:
10:
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1392:2007–2008 financial crisis
1284:Mortgage-backed securities
895:Automotive industry crisis
595:, accessed October 8, 2008
524:, accessed April 17, 2008.
422:St. Louis Business Journal
366:The Record (Bergen County)
344:, accessed April 26, 2007.
271:was used by film director
247:Bankruptcy and liquidation
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718:, accessed March 28, 2014
667:. Lnt.com. Archived from
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381:, accessed April 9, 2007.
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900:California budget crisis
269:Middletown, Rhode Island
209:Apollo Global Management
167:. It was spun off in an
1325:(worldwide; 2011–2012)
1264:Auction rate securities
994:Federal Home Loan Banks
307:Modell's Sporting Goods
238:On April 17, 2008, the
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68:1975 (as retail stores)
1014:Federal Reserve System
888:United States-specific
636:The Newport Daily News
385:April 5, 2007, at the
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189:Durham, North Carolina
165:Bed, Bath & Beyond
92:$ 2.70 billion in 2005
20:Linens 'n Things, Inc.
1364:Decline of newspapers
1311:2009 May Day protests
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1147:Stimulus and recovery
605:Muther, Christopher.
568:May 31, 2008, at the
253:Chapter 11 bankruptcy
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1423:Home decor retailers
1387:European debt crisis
1279:Credit default swaps
1255:Securities involved
1061:stability and reform
161:Melville Corporation
1433:Clifton, New Jersey
1347:2000s energy crisis
1059:Banking and finance
977:Government entities
484:Home Textiles Today
243:U.S. counterparts.
216:limited partnership
129:Clifton, New Jersey
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1329:Occupy Wall Street
1305:Tea Party protests
963:Scott W. Rothstein
359:2007-07-04 at the
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671:on April 11, 2009
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223:Marketing.
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1412:Categories
739:2020-08-27
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429:2008-10-19
324:References
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833:By region
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109:Website
89:Revenue
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