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.
Related Content By Author
Dale Boles on Barcalounger Outdoor Living's Big Debut
Casual Living eWeekly
Most Viewed Articles
October Digital Edition
Don't miss the October digital edition of Casual Living! In this month’s Market Issue, we’ll bring you all the highlights of Casual Market Chicago, from innovative new products and hot trends to this year’s award winners and a taste of the party scene. Plus, you’ll get a sneak peek of all the product debuts at High Point Market.
In this issue:
- Consumer Survey: Did you know three out of four consumers read online reviews before purchasing outdoor furniture? That’s just one of the shopping insights shared in our exclusive report on consumer buying habits.
- Designer Viewpoint: A North Carolina designer creates an outdoor space for a modern-day Brady Bunch. • Barbecue Lifestyle: Our grill guy gives tips on extending the season through the holidays.
- Focus On: Patterns punch up the style quotient of outdoor accessories.