2008-05-02 — bizjournals.com
Home furnishings retailer Linens 'N Things filed for Chapter 11 bankruptcy protection Friday and said it will close 120 underperforming stores as part of its restructuring.
...
The company has secured $700 million in debtor-in-possession financing from General Electric Capital Corp., which Linens Holding said will ensure healthy merchandise flow as it gets ready for the back-to-school and holiday selling seasons.
This was a long time in coming. Well, not THAT long.
Linens is not publicly traded; it is a unit of Apollo Management LP, which bought the company just in 2006. Commenting on the deal:
``This whole deal has been an utter and complete disaster,'' Anthony Chukumba, an analyst at FTN Midwest Securities Corp. in New York, said today in a telephone interview. ``The company's very promotional strategy over the last year or so has completely backfired.''
Way to go, boyz. Right up there with Home Depot in the pantheon of betting-on-the-bubble.
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