Linens 'N Things to begin liquidation this week

October 15, 2008

Specialty retailer Linens 'N Things, which filed for bankruptcy protection in May, plans to begin liquidation sales at its stores as early as tomorrow 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 LLC, one of the members of the investment group buying the company's assets. He expects the process for the company's approximately 371 remaining store locations will take about 11 weeks. In August, the company said it reached a plan of reorganization with the bankruptcy court. However, it later decided to auction its assets as conditions in the financial markets worsened.

Associated Press