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Linens 'n Things may file restructuring on Friday: report

Fri Aug 29, 2008 5:47am EDT
Merchandise from Linens 'n Things is seen in an undated handout photo. REUTERS/PRNewsFoto

(Reuters) - Bankrupt home furnishings retailer Linens 'n Things will file a plan as soon as Friday to reorganize its business, the New York Post reported citing sources.

If successful, the restructuring will close as many as one third of the stores the retailer operated before going bankrupt, the paper said.

The retailer, which was bought for $1.3 billion in 2005 by billionaire Leon Black's buyout firm Apollo Management, expects to emerge from bankruptcy early next year.

The bid to downsize Linens 'n Things comes as bondholders have threatened the company with liquidation.

Linens 'n Things filed for Chapter 11 bankruptcy protection in May, hurt by a slowdown in consumer spending in the face of higher energy and food prices.

(Reporting by Sweta Singh in Bangalore; Editing by Erica Billingham)


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