Linens 'n Things to close fewer underperforming stores than previously announced

By Jennifer Lanning Drey

Portland, Ore. July 28 - Linens Holding Co. lowered the number of underperforming Linens 'n Things stores it has slated for closure as part of its ongoing financial restructuring to 57 from 87, according to a company news release.

"The reduced number of store closings is the result of improvements in the outlook for these stores throughout the remainder of 2008 into 2009," Michael F. Gries, Linens' chief restructuring officer and interim chief executive officer, said in the release.

"While a very difficult decision, the stores that are closing are necessary given the current retail and economic climate and the need to drive the cost savings and operational efficiencies that will allow us to position Linens 'n Things for long-term growth."

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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