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Linens 'n Things gets court approval for financing

Mon May 5, 2008 6:19pm EDT

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NEW YORK, May 5 (Reuters) - Bankrupt home goods retailer Linens 'n Things said on Monday it had received interim court approval for $700 million debtor-in-possession financing that will allow the company to continue to operate during the court proceedings.

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The company also said the court has approved that it can continue to honor gift cards in all of its stores.

The struggling seller of textiles, housewares and other home goods had previously said it secured the financing from General Electric Co's (GE.N) GE Capital affiliate.

The retailer, which was bought by Leon Black's buyout firm Apollo Management in 2005, is among the largest of the companies taken private in the recent buyout boom to file for Chapter 11 bankruptcy protection.

(Reporting by Emily Chasan, editing by Phil Berlowitz)

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