Fitch cuts Linens 'n Things

Fitch Ratings said it downgraded its ratings on Linens 'n Things, Inc. as follows: issuer default rating to CC from CCC, asset-based revolver to CCC-/RR3 from CCC+/RR3 and senior secured notes to C/RR5 from CCC-/RR5.

At the same time, the agency said that Linens 'n Things remains on rating watch negative.

The downgrades reflect Fitch's concerns about Linens 'n Things's vendor relationships and liquidity position due to the company's deteriorating credit profile while other concerns include the challenging operating environment and intense competition from other specialty retailers, discounters and department stores in the home furnishings segment.

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