Linens ‘n Things Folds
October 6, 2008 by Brian Kinkade
Filed under Business & Finance, Shopping
Linens ‘n Things, another corporate victim of a widespread credit crunch, will begin liquidating its remaining stores as early as this week after the bankrupt home goods retailer failed to find a buyer that will operate the company as a going concern.
The retailer, which initially struggled amid a housing slowdown and a decline in consumer discretionary spending, was finally taken down by a credit crisis that prevented possible buyers from getting the credit to fund a purchase.
As of December 31, 2007 the company was one of the largest purchasers of home furnishings in the United States, employed some 17,500 people and had a vendor base of about 1,000 suppliers, according to court documents.
At that time, the company was operating 589 stores in 47 states and seven Canadian provinces. But the sharp decline in the housing market and a slump in consumer discretionary spending undermined the company’s ability to pay its suppliers.
The national home store retailer Linen-N-Things has announced on its website that their doors will close, with a 30% off-everything-must-go parting gift to shoppers. There are ten locations here in Colorado.
Banner photo by pbo31, available under a Creative Commons Attribution-Noncommercial license.
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