LINENS and THINGS...CLOSING (Update: now all stores closing)

[sigrist_2000]

Canadian stores unaffected

 

Here's the list:

 

Linens ‘n Things Store Closing List

 

SHOPPING PLAZA, CITY, STATE

SPRINGDALE MALL - MOBILE,AL

ARIZONA MILLS - TEMPE,AZ

YUMA PALMS REGIONAL SHOPPING - YUMA, AZ

LONE TREE PLAZA - BRENTWOOD, CA

CERRITOS TOWN CENTER - CERRITOS,CA

CHINO SPECTRUM MARKETPLACE II - CHINO,CA

PUENTE HILLS MALL - CITY OF INDUSTRY, CA

CORONA HILLS PLAZA - CORONA, CA

WESTLAKE - DALY CITY, CA

HUNTERS RIDGE TOWN CENTER - FONTANA, CA

PACIFIC COMMONS - FREMONT, CA

AMERIGE HEIGHTS TOWN CENTER - FULLERTON, CA

PACHECO PLAZA - GILROY, CA

GLENDALE MARKETPLACE - GLENDALE, CA

OLYMPIC & SAWTELLE - LOS ANGELES, CA

SANTA MARGARITA TOWN CENTER - MARGARITA, CA

SISK ROAD CENTER - MODESTO, CA

MONTCLAIR PLAZA - MONTCLAIR, CA

THE MOORPARK MARKETPLACE - MOORPARK, CA

THE SHOPS ON SOUTH LAKE STREET- PASADENA, CA

PLEASANT HILL - PLEASANT HILL, CA

CANYON SPRINGS - RIVERSIDE, CA

THE PROMENADE OF NATOMAS - SACRAMENTO, CA

OAKRIDGE MALL - SAN JOSE, CA

STEVENS CREEK CENTRAL SHOPPING CTR. - SAN JOSE, CA

RIVERSIDE SHOPPING CENTER - SHERMAN OAKS, CA

TRACY - TRACY, CA

THE MARKET PLACE - TUSTIN, CA

DYER STREET TRIANGLE - UNION CITY, CA

FALLBROOK CENTER - WEST HILLS, CA

ARAPAHOE CROSSINGS - AURORA, CO

BROOMFIELD VILLAGE - BROOMFIELD, CO

QUEBEC SQUARE - DENVER, CO

BELMAR SHOPPING CENTER - LAKEWOOD, CO

FARMINGTON - FARMINGTON, CT

LISBON LANDING - LISBON, CT

MARKETPLACE AT ALTAMONTE - ALTAMONTE SPRINGS, FL

AVENTURA - AVENTURA, FL

BOCA RATON - BOCA RATON, FL

THE SHOPPES AT DADELAND - MIAMI, FL

LNT SHOPPING CENTER - VERO BEACH, FL

CROSS COUNTY PLAZA - W. PALM BEACH, FL

PERIMETER MALL - ATLANTA, GA

UPTOWN SQUARE SHOPPING CENTER- FAYETTEVILLE, GA

STONECREST MARKETPLACE - LITHONIA, GA

MACON MALL - MACON, GA

SOUTHLAKE PAVILLION - MORROW, GA

GRAND TETON MALL - IDAHO FALLS, ID

NORTH MICHIGAN AVE - CHICAGO, IL

DEER GROVE CENTER - PALATINE, IL

THE PROMENADE VENTURE II- SCHAUMBURG, IL

ORCHARD PLACE SHOPPING CENTER - SKOKIE, IL

UNIVERSITY CENTER - MISHAWAKA, IN

THE LEGENDS AT VILLAGE WEST - KANSAS CITY, KS

ORCHARD CORNERS - LENEXA, KS

INDEPENDENCE MALL - KINGSTON, MA

BERKSHIRE MALL - LANESBORO, MA

KING PHILLIPS CROSSING - SEEKONK, MA

THE CAPITAL CENTER - LARGO, MD

BANGOR PARKADE - BANGOR, ME

THE SHOPS AT BIDDEFORD CROSSING - BIDDEFORD, ME

RIVERTOWN MARKETPLACE - GRANDVILLE, MI

CENTERPOINT MALL - KENTWOOD, MI

MILLENIUM PARK - LIVONIA, MI

NOVI TOWN CENTER - NOVI, MI

BALDWIN COMMONS - ORION TOWNSHIP, MI

WINCHESTER MALL - ROCHESTER HILLS, MI

TROY MARKETPLACE - TROY, MI

THE GATEWAY - W. BLOOMFIELD TWP., MI

ALPINE SUMMIT - WALKER, MI

APACHE SHOPPES - ROCHESTER, MN

WOODBURY LAKES - WOODBURY, MN

HARTMAN HERITAGE CENTER - INDEPENDENCE, MO

STATELINE STATION S/C - KANSAS CITY, MO

BARRY TOWNE CENTER - KANSAS CITY, MO

MENARD'S PLAZA - WEST FARGO, ND

SORENSON PARKWAY PLAZA - OMAHA, NE

HOWELL COMMONS - HOWELL, NJ

WRANGLEBORO SQUARE - MAY LANDING, NJ

WOODBRIDGE CROSSING - WOODBRIDGE, NJ

SOUTH VIRGINIA ST - RENO, NV

THE CROSSING - CLIFTON PARK, NY

NORTHWAY MALL - COLONIE, NY

WOODBURY TOWN CENTER- HARRIMAN, NY

MANHASSET CENTER - MANHASSET, NY

CORTLAND TOWN CENTER - MOHEGAN LAKE, NY

MIDWAY SHOPPING CENTER - SCARSDALE, NY

RIVERSIDE CENTER - UTICA, NY

BAINBRIDGE COMMONS - AURORA, OH

POLARIS TOWNE CENTER - COLUMBUS, OH

CUYAHOGA FALLS MARKETPLACE - CUYAHOGA, OH

TUTTLE CROSSING - DUBLIN, OH

GOLDEN GATE PLAZA - MAYFIELD HEIGHTS, OH

CROSSROADS OF AMERICA - PERRYSBURG, OH

TANASBOURNE TOWN CENTER- BEAVERTON, OR

MILLCREEK PAVILLION - ERIE, PA

FORMER HECHINGERS - MONROEVILLE, PA

MARPLE CROSSROADS - SPRINGFIELD, PA

PITTSBURGH MILLS - TARENTUM, PA

LEHIGH VALLEY MALL - WHITEHALL, PA

MIDDLETOWN CENTER - MIDDLETOWN, RI

DORMAN CENTER - SPARTANBURG, SC

HICKORY HOLLOW MALL - ANTIOCH, TN

TECH RIDGE CROSSING - AUSTIN, TX

SUNRISE MALL - BROWNSVILLE, TX

PLAZA AT CEDAR HILL - CEDAR HILL, TX

BEST BUY PLAZA - DALLAS, TX

ALPHA PARKWAY - DALLAS, TX

WEST OAKS MALL - HOUSTON, TX

RIO NORTE CENTER - LAREDO, TX

THE MARKETPLACE AT TOWNE CENTER - MESQUITE, TX

PLANO - PLANO, TX

WICHITA FALLS - WICHITA FALLS, TX

MURRAY - MURRAY, UT

NEWPARK TOWN CENTER- PARK CITY, UT

POTOMAC MILLS SHOPPING CENTER - PRINCE WILLIAM, VA

TYSON'S CORNER - VIENNA, VA

GREENWAY STATION - MIDDLETON, WI

THE GRAND AVENUE MALL - MILWAUKEE, WI

REGENCY MALL - RACINE, WI

 

 

Clifton, NJ – May 2, 2008 – Linens Holding Co. (“LNT” or the “Company”), a leading home furnishings specialty retailer operating as “Linens ‘n Things,” announced today that the Company and its U.S. subsidiaries have filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The national home furnishings chain will continue to operate its stores without interruption during the reorganization and the stores are open for business and expect to be well stocked with merchandise. The filing pertains only to LNT’s operations in the United States. The Company’s Canadian stores, which are among the strongest performers in the chain, are not included in the filing and there are no plans for a similar filing in Canada.

The decision to file for Chapter 11 protection was driven largely by the impact of the current economic downturn on the Company’s operating performance. Filing for Chapter 11 provides the Company with the tools to restructure its balance sheet, close under-performing store locations, revisit certain agreements and position the Company for long-term success. LNT has requested immediate authorization and expects approval from the Court to continue paying employee salaries and benefits as well as to honor gift cards and store credits as normal.

LNT has secured $700 million in debtor-in-possession (DIP) financing from General Electric Capital Corp., which will ensure healthy merchandise flow as the Company prepares for the back-to-school and holiday selling seasons. The Company has been working closely with key vendors, who have been supporting the Company with new merchandise in recent weeks. The DIP facility will allow the Company to normalize

relations with the larger vendor community. The Company believes the DIP facility will provide adequate working capital to meet its ongoing obligations during the restructuring.

“The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising improvements that we have made over the past two years,” said Robert J. DiNicola, Executive Chairman. “We are making the strategic decision to use a Chapter 11 filing to proactively address our capital structure and ensure that our stores will remain well stocked while we work through the steps to align the capital structure of the Company with the realities of today’s business environment. At the store level, we remain fully operational and ready to serve our guests.”

The Company also announced that as part of its financial restructuring it plans to close 120 underperforming stores. (See attached list).

“The decision to close stores was difficult but necessary to improve LNT’s financial position and place the Company on a firmer financial footing as we move forward,” stated Mr. DiNicola. “We will be able to realize important cost savings and operational efficiencies as a result of this process, allowing us to serve all our constituencies more effectively.”

In order to help effectuate the Company’s financial restructuring, LNT’s Board of Directors has named Michael F. Gries, a noted financial restructuring expert and Co-Founder of Conway Del Genio Gries & Co., Chief Restructuring Officer and Interim CEO. Mr. DiNicola, the Company’s current Chairman and CEO, will become Executive Chairman. David Coder, currently Executive Vice President, Store Operations, has been appointed President and Chief Operating Officer of LNT.

“As we move forward with LNT’s restructuring, the Board and I concluded that we needed to have additional restructuring expertise on our executive team,” added Mr. DiNicola. “Michael Gries is as good as it gets in this area, a nationally recognized leader with the deep experience in driving the financial initiatives necessary to position our Company for the future. I look forward to working with him to help LNT reach its full potential. I am also particularly pleased about Dave Coder’s promotion. He has been a key part of our past success and the operational strides we have made and will be integral in our reorganization efforts.”

Linens ‘n Things, with 2007 sales of approximately $2.8 billion, is one of the leading, national large format retailers of home textiles, housewares and home accessories. As of December 29, 2007, Linens ‘n Things operated 589 stores in 47 states and seven provinces across the United States and Canada. More information about Linens ‘n Things can be found online at www.lnt.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations and business that is not historical information. As a general matter, forward-looking statements are those focused upon future or anticipated events or trends and expectations and beliefs relating to matters that are not historical in nature. The words “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions, as well as future or conditional verbs such as “will,” “should,” “would” and “could,” often identify forward-looking statements. The Company believes there is a reasonable basis for our expectations and beliefs, but they are inherently uncertain, and we may not realize our expectations and our beliefs may not prove correct. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The Company’s actual results and future financial condition may differ materially from those described or implied by any such forward-looking statements as a result of many factors that may be outside the Company’s control. Such factors include, without limitation: general economic conditions; changes in the retailing environment and consumer spending habits; inclement weather and natural disasters; competition from existing and potential competitors; the amount of merchandise markdowns; loss or retirement of key members of management; increases in the costs of borrowings and unavailability of additional debt or equity capital; impact of our substantial indebtedness on our operating income and our ability to grow; the cost of labor; labor disputes; increased healthcare benefit costs; and other costs and expenses. This list of factors is not intended to be exhaustive.

[riphamilton]

very nice.... hopefully there will be some excellent liquidation sales!

[racerfan]

The one they are closing nearest to me has not been open very long. Got to keep checking them out for liquidation. I hope they don't transfer their stock to other lnt close by.

[davephillyj]

Wonder if it'll wind up at big lots????

[freesia39]

AWESOME. they are closing the one near me AND the two near my parents.

[nafcmf]

Thanks. One by me is closing.

[sweetsali]

Someone just told me about the closing this afternoon. Great deals coming but alot of people will loose their jobs.

[christib327]

Both the ones near me are closing too. I'll have to try to remember to check them for clearance

[RmV73]

Both are closing near me too. Have to keep my eyes open? Do they say when they are closing???

[katiesmommy01]

oh NO!!! My store is closing I like that store too...bummer!

[sas377]

Thank goodness the Lancaster, PA store isn't closing!

[sigrist_2000]

Both are closing near me too. Have to keep my eyes open? Do they say when they are closing???

i dont know when they will start or even if they will have one...guess we'll have to keep checking...

 

** oh thanks mods for moving this post to the correct area...i always forget about the "deal discussion" area...LOL*

[bugsette]

i wonder when the cleareance will start will be passing by one tomorrow I'll try to check it out

[savvybuys]

I have a Linens N Things gift card..I recd for X-mas...Hopefully they will still take this..Its a $100...

[Mommy2Four]

bummer...I like that store so much better than BB&B

[nafcmf]

I just read in my local paper today that the Harriman, NY store is going to close this summer. The clerk said that they will start having going out of business sales starting in June.

[racerfan]

I just read in my local paper today that the Harriman, NY store is going to close this summer. The clerk said that they will start having going out of business sales starting in June.

I would like everyone to welcome my Sister. She does not post often, but she does read.

[AndreaInNC]

I have a Linens N Things gift card..I recd for X-mas...Hopefully they will still take this..Its a $100...

it's all up to the courts according the above article

 

LNT has requested immediate authorization and expects approval from the Court to continue paying employee salaries and benefits as well as to honor gift cards and store credits as normal.

[xfountaingrl]

None by me are closing.

[booga12345]

I have a Linens N Things gift card..I recd for X-mas...Hopefully they will still take this..Its a $100...

 

 

I would go shopping really, really fast.

[debbha]

God...all of mine are closing!!!!

[jones10021]

They are closing one near me as well. I'm hoping for some good sales soon. :)

[tazolover]

I agree, I would use that GC pronto! So sorry for all those who will lose their job.

[savvybuys]

I finally made it there today...Was able to use my gift card with no problems....My store is on the list to close...I purchased this

 

http://www.lnt.com/product/index.jsp?productId=2762396&cp&pg=2&sr=1&origkw=vacume&kw=vacuum&parentPage=search

 

They only had the display model left...So the manager marked it to $125.00 and I used a 20% printable coupon that I had googled...So after using my $100 gift card, my out of pocket was just the tax which was 7xx

 

I'm a happy camper!

[Brad]

looks like the rest of the LNT stores will also be closing:

 

http://www.reuters.com/article/newsOne/idUSTRE4973WI20081008

[elena_398]

thats a shame.

[tazolover]

What a bummer.

[Promom]

Has anyone found any good deals there yet? I'm wondering if it's worth the gas to go find out.

[3 boys]

OOOO.. there are some potential Great deals to be had with this closing

[ShoppinMom]

Linens and Things is so over priced no wonder they are going in chapter 11. I went to one of the store closing sales and even at 40% off you could get a better deal elsewhere.