sigrist_2000 Posted May 3, 2008 Posted May 3, 2008 Canadian stores unaffected Here's the list: Linens ‘n Things Store Closing List SHOPPING PLAZA, CITY, STATESPRINGDALE MALL - MOBILE,ALARIZONA MILLS - TEMPE,AZYUMA PALMS REGIONAL SHOPPING - YUMA, AZLONE TREE PLAZA - BRENTWOOD, CACERRITOS TOWN CENTER - CERRITOS,CACHINO SPECTRUM MARKETPLACE II - CHINO,CAPUENTE HILLS MALL - CITY OF INDUSTRY, CACORONA HILLS PLAZA - CORONA, CAWESTLAKE - DALY CITY, CAHUNTERS RIDGE TOWN CENTER - FONTANA, CAPACIFIC COMMONS - FREMONT, CAAMERIGE HEIGHTS TOWN CENTER - FULLERTON, CAPACHECO PLAZA - GILROY, CAGLENDALE MARKETPLACE - GLENDALE, CAOLYMPIC & SAWTELLE - LOS ANGELES, CASANTA MARGARITA TOWN CENTER - MARGARITA, CASISK ROAD CENTER - MODESTO, CAMONTCLAIR PLAZA - MONTCLAIR, CATHE MOORPARK MARKETPLACE - MOORPARK, CATHE SHOPS ON SOUTH LAKE STREET- PASADENA, CAPLEASANT HILL - PLEASANT HILL, CACANYON SPRINGS - RIVERSIDE, CATHE PROMENADE OF NATOMAS - SACRAMENTO, CAOAKRIDGE MALL - SAN JOSE, CASTEVENS CREEK CENTRAL SHOPPING CTR. - SAN JOSE, CARIVERSIDE SHOPPING CENTER - SHERMAN OAKS, CATRACY - TRACY, CATHE MARKET PLACE - TUSTIN, CADYER STREET TRIANGLE - UNION CITY, CAFALLBROOK CENTER - WEST HILLS, CAARAPAHOE CROSSINGS - AURORA, COBROOMFIELD VILLAGE - BROOMFIELD, COQUEBEC SQUARE - DENVER, COBELMAR SHOPPING CENTER - LAKEWOOD, COFARMINGTON - FARMINGTON, CTLISBON LANDING - LISBON, CTMARKETPLACE AT ALTAMONTE - ALTAMONTE SPRINGS, FLAVENTURA - AVENTURA, FLBOCA RATON - BOCA RATON, FLTHE SHOPPES AT DADELAND - MIAMI, FLLNT SHOPPING CENTER - VERO BEACH, FLCROSS COUNTY PLAZA - W. PALM BEACH, FLPERIMETER MALL - ATLANTA, GAUPTOWN SQUARE SHOPPING CENTER- FAYETTEVILLE, GASTONECREST MARKETPLACE - LITHONIA, GAMACON MALL - MACON, GASOUTHLAKE PAVILLION - MORROW, GAGRAND TETON MALL - IDAHO FALLS, IDNORTH MICHIGAN AVE - CHICAGO, ILDEER GROVE CENTER - PALATINE, ILTHE PROMENADE VENTURE II- SCHAUMBURG, ILORCHARD PLACE SHOPPING CENTER - SKOKIE, ILUNIVERSITY CENTER - MISHAWAKA, INTHE LEGENDS AT VILLAGE WEST - KANSAS CITY, KSORCHARD CORNERS - LENEXA, KSINDEPENDENCE MALL - KINGSTON, MABERKSHIRE MALL - LANESBORO, MAKING PHILLIPS CROSSING - SEEKONK, MATHE CAPITAL CENTER - LARGO, MDBANGOR PARKADE - BANGOR, METHE SHOPS AT BIDDEFORD CROSSING - BIDDEFORD, MERIVERTOWN MARKETPLACE - GRANDVILLE, MICENTERPOINT MALL - KENTWOOD, MIMILLENIUM PARK - LIVONIA, MINOVI TOWN CENTER - NOVI, MIBALDWIN COMMONS - ORION TOWNSHIP, MIWINCHESTER MALL - ROCHESTER HILLS, MITROY MARKETPLACE - TROY, MITHE GATEWAY - W. BLOOMFIELD TWP., MIALPINE SUMMIT - WALKER, MIAPACHE SHOPPES - ROCHESTER, MNWOODBURY LAKES - WOODBURY, MNHARTMAN HERITAGE CENTER - INDEPENDENCE, MOSTATELINE STATION S/C - KANSAS CITY, MOBARRY TOWNE CENTER - KANSAS CITY, MOMENARD'S PLAZA - WEST FARGO, NDSORENSON PARKWAY PLAZA - OMAHA, NEHOWELL COMMONS - HOWELL, NJWRANGLEBORO SQUARE - MAY LANDING, NJWOODBRIDGE CROSSING - WOODBRIDGE, NJSOUTH VIRGINIA ST - RENO, NVTHE CROSSING - CLIFTON PARK, NYNORTHWAY MALL - COLONIE, NYWOODBURY TOWN CENTER- HARRIMAN, NYMANHASSET CENTER - MANHASSET, NYCORTLAND TOWN CENTER - MOHEGAN LAKE, NYMIDWAY SHOPPING CENTER - SCARSDALE, NYRIVERSIDE CENTER - UTICA, NYBAINBRIDGE COMMONS - AURORA, OHPOLARIS TOWNE CENTER - COLUMBUS, OHCUYAHOGA FALLS MARKETPLACE - CUYAHOGA, OHTUTTLE CROSSING - DUBLIN, OHGOLDEN GATE PLAZA - MAYFIELD HEIGHTS, OHCROSSROADS OF AMERICA - PERRYSBURG, OHTANASBOURNE TOWN CENTER- BEAVERTON, ORMILLCREEK PAVILLION - ERIE, PAFORMER HECHINGERS - MONROEVILLE, PAMARPLE CROSSROADS - SPRINGFIELD, PAPITTSBURGH MILLS - TARENTUM, PALEHIGH VALLEY MALL - WHITEHALL, PAMIDDLETOWN CENTER - MIDDLETOWN, RIDORMAN CENTER - SPARTANBURG, SCHICKORY HOLLOW MALL - ANTIOCH, TNTECH RIDGE CROSSING - AUSTIN, TXSUNRISE MALL - BROWNSVILLE, TXPLAZA AT CEDAR HILL - CEDAR HILL, TXBEST BUY PLAZA - DALLAS, TXALPHA PARKWAY - DALLAS, TXWEST OAKS MALL - HOUSTON, TXRIO NORTE CENTER - LAREDO, TXTHE MARKETPLACE AT TOWNE CENTER - MESQUITE, TXPLANO - PLANO, TXWICHITA FALLS - WICHITA FALLS, TXMURRAY - MURRAY, UTNEWPARK TOWN CENTER- PARK CITY, UTPOTOMAC MILLS SHOPPING CENTER - PRINCE WILLIAM, VATYSON'S CORNER - VIENNA, VAGREENWAY STATION - MIDDLETON, WITHE GRAND AVENUE MALL - MILWAUKEE, WIREGENCY 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 normalizerelations 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 StatementsThis 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 Posted May 3, 2008 Posted May 3, 2008 very nice.... hopefully there will be some excellent liquidation sales!
racerfan Posted May 3, 2008 Posted May 3, 2008 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.
freesia39 Posted May 3, 2008 Posted May 3, 2008 AWESOME. they are closing the one near me AND the two near my parents.
sweetsali Posted May 4, 2008 Posted May 4, 2008 Someone just told me about the closing this afternoon. Great deals coming but alot of people will loose their jobs.
christib327 Posted May 4, 2008 Posted May 4, 2008 Both the ones near me are closing too. I'll have to try to remember to check them for clearance
RmV73 Posted May 4, 2008 Posted May 4, 2008 Both are closing near me too. Have to keep my eyes open? Do they say when they are closing???
katiesmommy01 Posted May 4, 2008 Posted May 4, 2008 oh NO!!! My store is closing I like that store too...bummer!
sigrist_2000 Posted May 4, 2008 Author Posted May 4, 2008 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 Posted May 4, 2008 Posted May 4, 2008 i wonder when the cleareance will start will be passing by one tomorrow I'll try to check it out
savvybuys Posted May 5, 2008 Posted May 5, 2008 I have a Linens N Things gift card..I recd for X-mas...Hopefully they will still take this..Its a $100...
nafcmf Posted May 6, 2008 Posted May 6, 2008 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 Posted May 6, 2008 Posted May 6, 2008 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 Posted May 7, 2008 Posted May 7, 2008 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.
booga12345 Posted May 7, 2008 Posted May 7, 2008 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.
jones10021 Posted May 8, 2008 Posted May 8, 2008 They are closing one near me as well. I'm hoping for some good sales soon. :)
tazolover Posted May 12, 2008 Posted May 12, 2008 I agree, I would use that GC pronto! So sorry for all those who will lose their job.
savvybuys Posted May 13, 2008 Posted May 13, 2008 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 Posted October 8, 2008 Posted October 8, 2008 looks like the rest of the LNT stores will also be closing: http://www.reuters.com/article/newsOne/idUSTRE4973WI20081008
Promom Posted October 8, 2008 Posted October 8, 2008 Has anyone found any good deals there yet? I'm wondering if it's worth the gas to go find out.
3 boys Posted October 8, 2008 Posted October 8, 2008 OOOO.. there are some potential Great deals to be had with this closing
ShoppinMom Posted October 9, 2008 Posted October 9, 2008 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.
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