Linens 'n Things granted court OK to auction leases related to store closing sales

By Jennifer Lanning Drey

Portland, Ore., July 11 - Linens Holding Co. obtained court approval to auction its store leases in connection with the closing of 87 more of its underperforming Linens 'n Things stores, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

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

The lease auction will be held July 24, and the sale hearing is scheduled for July 30.

Linens 'n Things, a Clifton, N.J., home furnishings specialty retailer, filed for bankruptcy on May 2 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-10832.

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