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Linens ’n Things to liquidate, close all stores

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From staff and wire reports

Tuesday, Oct 14, 2008 - 02:19:23 pm CDT

It appears Lincoln will be losing its second national retailer due to bankruptcy in just over a month.

Specialty retailer Linens ’n Things, which filed for bankruptcy protection in May, plans to begin liquidation sales at its stores as early as Thursday after failing to find a buyer that wanted to operate the company.

“It’s a straight going-out-of business liquidation sale,” said James Schaye, president and chief executive of Hudson Capital Partners, one of the members of the investment group buying the company’s assets. Schaye did not say when stores would close but said he  expects the liquidation process to take about 11 weeks.

Linens ‘n Things has a Lincoln store at East Park Plaza that has been open since 2000.

Last week, the Linens Holding Co., the parent of Clifton, N.J.-based Linens ’n Things, said it would put itself up for a sale in an auction on Tuesday.

The company agreed to a preliminary “stalking horse” bid 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 for about $475 million for its assets.

A stalking-horse bid is an initial offer on a bankrupt company’s assets from an interested buyer chosen by the company. Linens ’n Things planned an auction including the initial bid along with others for its assets on Tuesday, but since it received no other qualified bids, it canceled the auction, according to documents filed late Monday with the U.S. Bankruptcy Court for the District of Delaware.

Last month, Steve & Barry’s announced that it would close its store at Westfield Gateway, one of more than 100 the bankrupt chain’s new owner decided to close.

Steve & Barry’s has not yet said when the Lincoln store will close.


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Bob wrote on October 14, 2008 4:08 pm:
" No!!!!! Where will I get my "And Things" from now on!? "

 melissa wrote on October 14, 2008 4:35 pm:
" NOOOOO! I love this store! "

 Shopper wrote on October 14, 2008 4:45 pm:
" I love the store and the employees. I will miss going there. I feel bad for the employees who will be losing jobs this close to the holidays. "

 what wrote on October 14, 2008 4:52 pm:
" What people are running these million dollar businesses into the whole! This stinks! I love this place. Guess I might find a good deal or two as they being to close. :( "

 NO wrote on October 14, 2008 5:32 pm:
" This is the BEST store I don't want it to close! "

 shopper wrote on October 14, 2008 6:59 pm:
" I love going to linens and things because it is much closer to where I live, they would accept the Bed Bath and Beyond coupons, and they were always available to help (as opposed to Bed Bath and Beyond who weren't) "

 Ashland wrote on October 14, 2008 9:32 pm:
" Having shopped at Linen's and Things in both Omaha and Lincoln I can tell you why it is going under, too much stuff in a big box with too high a price on it,hard to find help, and the little help that is there unhappy to be there and not so interested in customer service. I only wish there were a Bed Bath & Beyond closer to my house. "

 hope wrote on October 14, 2008 10:57 pm:
" sorry to see it go but since it is i hope they remove the tree log speed bump from in front of their north store "

 Hmm wrote on October 15, 2008 3:20 pm:
" This store is exactly like Bed Bath and Beyond, I never was sure why there were two stores selling the same things. Its like they thought they had a unique idea. Anyway, the only reason I preferred to shop at Linens was because it was closer than the BBB stores. That said, BRING ON THE LIQUIDATION SALE! "

 shopper girl wrote on October 19, 2008 10:54 pm:
" I went on Saturday to Linens and things and everything was pretty much 10% off and they were no longer taking their coupons or competitor coupons. What a joke, I will wait and check back in 2-3 weeks to see if they are finally having a decent sale. I will be fine having just Bed Bath and Beyond. "

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