Linens 'n Things looks to close 87 more underperforming stores

By Caroline Salls

Pittsburgh, July 7 - Linens Holding Co. is seeking court approval to hold store closing sales at 87 more of its underperforming Linens 'n Things stores, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Linens said closing the stores will drastically reduce related administrative costs, and the sale proceeds will be used to reduce the company's secured debt.

Bids from liquidation agents interested in conducting the store closing sales are due by 4 p.m. ET on July 21.

If the company decides to enter into a stalking horse bid agreement, Linens said it plans to request court approval of bid protections at a July 24 hearing.

The auction will be held on July 28, and Linens has asked the court to schedule the final agent selection hearing for July 30.

The company has requested a July 11 hearing on the sale procedures.

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

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