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Linens 'n Things Asks to Begin Liquidation at All Stores
October 09, 2008
Clifton, N.J.-based Linens 'n Things, which filed for bankruptcy protection in May, has requested permission from the U.S. Bankruptcy Court to begin liquidation sales at all of its 371 remaining stores, according to The Record. The retailer said that it plans to soon reveal the "stalking horse" bidder, which has reportedly proposed to liquidate the company. "There's a number of other bidders who've expressed interest, and there will be a court-supervised auction on Oct. 14, and that's when the other bidders have an opportunity to emerge," a company spokeswoman added. "This isn't a done deal." Analysts expect the company's owners "will decide that it's time to throw in the towel, rather than keep the struggling company alive," The Record reported. Linens 'n Things was taken private in 2006 in a buyout by private-equity firm Apollo Management LP.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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