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Linens files for Chapter 11, to close 120 stores
An undated photo courtesy of Linens 'n Things. Home goods retailer Linens 'n Things on Friday said it filed for Chapter 11 bankruptcy protection and disclosed plans to close 120 underperforming stores.
Credit: Reuters/PRNewsFoto
NEW YORK |
NEW YORK (Reuters) - Home goods retailer Linens 'n Things on Friday said it filed for Chapter 11 bankruptcy protection and disclosed plans to close 120 underperforming stores.
The struggling seller of textiles, housewares and other home goods also said it secured $700 million in financing from General Electric Co's (GE.N) GE Capital affiliate to ensure it can stock its stores with merchandise for the back-to-school and holiday shopping seasons.
(Reporting by Justin Grant, editing by Gerald E. McCormick)
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