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 On the precipice of bankruptcy, private equity-owned Linens n' Things Inc. has reportedly hired restructuring firm Conway Del Genio Gries & Co., which is also working on a turnaround for another bankrupt retailer, the Sharper Image Inc. Reuters reported that Linens 'n Things retained the firm in order to guide it through its options as the retailer scrambles to avoid a Chapter 11 filing. The situation continues to worsen for Linens 'n Things, which is a portfolio company of private equity firm Apollo Management LLP.
Earlier this week, Fitch Ratings placed the retailer's ratings on its watch negative list, meaning that a possible downgrade is on the horizon. Fitch also lowered its rating on Linens 'n Things $700 million asset-based revolving credit facility to "CCC+/RR3" from "B-/RR2." And the The Wall Street Journal is now reporting that the retailer could file for bankruptcy as soon as Tuesday of next week. - George White Categories Deal Video
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