AP: Linens 'n Things to start liquidating all stores
October 15, 2008,
Clifton, N.J.-based Linens 'n Things, which filed for Chapter 11 bankruptcy protection in May, will begin liquidation sales at its stores on Oct. 16, according to the Associated Press.
The retailer had agreed to a preliminary stalking horse bid of about $475 million from a joint venture between Gordon Brothers Retail Partners LLC, Great American Group LLC, Hilco Merchant Resources LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC.
Linens 'n Things had planned for an auction, which included the initial bid and others, on Tuesday. However, the company received no other qualified bids, and was forced to cancel the auction.
"It's a straight going-out-of business liquidation sale," said James Schaye, president and CEO of Hudson Capital Partners.
Schaye said the liquidation process for the remaining 371 stores will take about 11 weeks.