Linens 'n Things requests court approval of bidding procedures for store lease auction

By Jennifer Lanning Drey

Portland, Ore., July 3 - Linens 'n Things Inc. requested court approval for its real estate consultant DJM Asset Management, LLC to auction 120 store leases held on properties that were closed at the start of Linens 'n Things' Chapter 11 bankruptcy case, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, DJM will send marketing brochures to potential purchasers prior to an auction.

Under the proposed bidding procedures, bids would be due on July 21 and an auction held on July 24.

The company requested that a hearing on the bidding procedures be scheduled for July 11 and the sale hearing be held on July 30.

Linens 'n Things, a Clifton, N.J., home furnishings specialty retailer, filed for bankruptcy on May 2, 2008. Its Chapter 11 case number is 08-10832.

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