Linens 'n Things seeks court approval to sell North Carolina property for at least $3.5 million

By Jennifer Lanning Drey

Portland, Ore., July 29 - Linens Holdings Co. requested court approval of the bidding procedures related to the proposed sale of its Greensboro, N.C., property, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company has not selected a stalking horse bidder in connection with the sale.

Qualified bids must be received by 4 p.m. ET on Sept. 9 and must be for at least $3.5 million.

If multiple bids are received, an auction will be held on Sept. 15.

The company has asked that the sale hearing be scheduled for Sept. 18.

A hearing on the bid procedures is scheduled for Aug. 17.

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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