Linens 'n Things filed for Chapter 11 in May. According to the report in the Post, the home furnishing retailer hopes to emerge from bankruptcy early next year, but could close a third of its stores before that. Linens has already closed 120 stores, and it must close another 28 stores by Friday or its $700 million debtor-in-possession loan goes into default.
The company has already had intense auctions to liquidate stores. The auction to be a liquidator for the shutdown of 79 stores climbed above the wholesale cost of inventory during 30 rounds of fevered bidding, with the team of Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC emerging as the winner on Aug. 14. -
Maria Woehr
For more on this story see:
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Bankrupt Linens 'n Things Inc. may file a plan to reorganize Friday, according to the New York Post.
