Report: Linens 'n Things Plans Bankruptcy Exit
Clifton, N.J. Linens ’n Things has devised a plan to emerge from bankruptcy early next year, according to the New York Post.
Under the plan, the company will reverse many of the strategies introduced after the company was bought for $1.3 billion in 2005 by billionaire Leon Black's buyout firm Apollo Management, the newspaper reported.
Current management, under the direction of turnaround advisory firm Conway, Del Genio, Gries & Co., plans to return Linens 'n Things to an "everyday, low price" model it had pursued during its earlier years as a public company, sources told the newspaper. The chain reportedly will focus on improving the quality of its merchandise and keeping shelves stocked in timely fashion.
Linens 'n Things filed for Chapter 11 bankruptcy protection in May, hurt by a slowdown in discretionary spending in the face of higher energy and food prices.