Curtains for Linens 'n Things?

[marmar]

from the NY Post:



IT'S CURTAINS FOR LINENS
CERBERUS PULLOUT MAY FORCE RETAILER TO LIQUIDATE


Posted: 3:55 am
September 17, 2008

Having missed a last-ditch chance to sell itself, Linens 'n Things may be forced to liquidate its business during the holidays, sources told The Post.

Cerberus Capital Management last week abandoned a prospective plan to buy the struggling home-furnishings chain, which filed Chapter 11 in May after being taken private for $1.3 billion in 2005 by billionaire Leon Black's Apollo Capital Management, sources said.

In turn, Linens 'n Things may take liquidation bids as soon as mid-October, paving the way for chainwide going-out-of-business clearances in November and December, sources said.

For six weeks, buyout giant Cerberus had been weighing a plan to scoop up the chain at a rock-bottom price, downsize it and return it to profitability, sources said.

Last month, Linens 'n Things devised its own plan to emerge from bankruptcy early next year. That plan is not seen as viable now.

But with losses getting steeper and sales plunging, Cerberus became daunted by the size of the investment needed to turn the business around, sources said.

The Clifton, NJ-based retailer's same-store sales, or sales at stores open at least a year, have fallen 32 percent month to date, sources said. That's far worse than the 25 percent drop seen in August, as well as an internal plan that has sought to limit declines to the mid-teen range this fall, sources said. ......(more)

The complete piece is at: http://www.nypost.com/seven/09172008/business/its_curtains_for_linens_129486.htm

[liberal N proud]

1. I thought they already were liquidating

I know that most if not all of their stores are closing.

[DianeG5385]

2. Nooo!! I love linens and things

Can't we form a consortium and buy the stock? It's gotta be cheap,Lol, I wish we could do this and take the power away from the idiots who are screwing up the country.

[malaise]

9. One of my favorite stores

When I was in Florida a few months ago they had a closing sale at the Kendall store. I adored that large bottle of mixed peppercorns.

[Warpy]

11. I'm lucky, there's a herb store in this town

so I just buy all 3 types and mix 'em myself.

I also have grains of paradise and Szechuan pepper.

I really haven't found too much there that's really worth it, although it's great fun to go in and browse.

I did finally get some 400 count sheets there after my foot went through the last Kmart set.

[malaise]

13. I bought the most beautiful drapes there about a decade ago

and they're still in very good condition. Picked up some nice bath towels on sale this summer and history is on their side with regard to quality. Mom always told us that it's better to by long term items (sheets, towels, drapes, etc.) good quality on sale than think you're saving buying poor quality.
We do have some Martha Stewart sheets from KMart, mostly because of political shopping. :D

I take that view with shirts as well.

[sarcasmo]

3. The one here by me has been closed for a month. Liquidated all summer long.

[kskiska]

5. Same here.

We still have Bed, Bath and Beyond.

[Blue Diadem]

10. Same here. n/t

[az chela]

4. The one here in prescott Az is already selling out.They expect

to be gone by October.It makes me sick as it was my favorite store and the only store like it here.
I bought a very nice dwon comforter and duvet but will get a couple more quilts and some sheets next month

[az chela]

6. sorry,meant to say DOWN

[sarcasmo]

8. Eventually, only Walmart scum will exist.

[asthmaticeog]

7. I thought they were already kaput.

The one near my mom already did its clearance sale and shut down. Bit of a drag, I liked it a lot better than Bloodbath and Beyond. So it goes.

[BrklynLiberal]

12. They have a pretty big store near me. Wonder what they are going to put there after

Linens & things goes out...