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Linens 'n Things Plans Bankruptcy Exit
August 19, 2008
Clifton, N.J.-based Linens 'n Things Inc. has come up with a plan to emerge from bankruptcy by early next year, according to The New York Post. Under the devised plan, the home furnishings retailer will reverse many of the strategies introduced in 2005 when the company was bought by billionaire Leon Black's buyout firm Apollo Management, to include splashy clearance sales and product promotions, the Post reported. Under the direction of turnaround advisory firm Conway, Del Genio, Gries & Co., current management seeks to return the retailer to an "everyday, low price" model. Linens 'n Things filed for Chapter 11 bankruptcy protection in May.
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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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