Linens Holding's $3.95 million property sale to Jacob & Sons approved

By Alice Popovici

New York, Sept. 18 - Linens Holding Co. obtained approval of the $3.95 million sale to its Greensboro, N.C., property to Jacob & Sons, LLC, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Jacob & Sons was the high bidder at the Sept. 15 auction, with Piedmont Triad Airport Authority designated as the back-up bidder, with a final bid of $3.90 million, according to the motion. If Jacob & Sons does not close the sale by Oct. 30, Linens will be authorized to sell the assets to Piedmont.

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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