- Linens 'n Things
company_name = Linens 'n Things, Inc.
company_type = Privately owned
company_slogan = Your Home Super Store
foundation = 1975
Clifton, New Jersey
key_people = Francis M Rowan (
CFO), Robert (Bob) DiNicola, ( CEO)|num_employees =
products = Home Furnishings
revenue = $2.70 bil in 2005. [http://www.forbes.com/lists/2006/21/biz_06privates_Linens-n-Things_1LWU.html Forbes.com List of Largest Private Companies] , accessed
April 26, 2007.]
homepage = http://www.lnt.com/
Linens 'n Things, Inc., headquartered in
Clifton, New Jersey, is the largest big box retailerof home textiles, housewares and decorative home accessories in the United States, and the second largest in Canada. [ [http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXkyOCZmZ2JlbDdmN3ZxZWVFRXl5NzA5NDAwNCZ5cmlyeTdmNzE3Zjd2cWVlRUV5eTI= Linens 'n Things trims workforce] , " The Record (Bergen County)" by Carol Fletcher, March 16, 2007.] The chain operates 571 stores in 47 states and six Canadian provinces, and had 7,300 employees as of December 2006.
The company's business strategy is "to offer a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and maintain low operating costs." [ [http://www.lnt.com/corp/index.jsp Company Profile] , accessed
April 9, 2007.]
Acquisition and trouble
The company was acquired in February 2006 by
Apollo Management, a private equity limited partnership, for $1.3 billion. As a part of the transition from a public company to the private-owned business, the position of CEO went from Norman Axelrod to Robert (Bob) DiNicola; alongside of him were several executives such as F. David Coder who is President and Omer Fancy who is the executive Vice President of Marketing.
According to Form 10-Q filed with the U.S. Securities and Exchange Commission for the quarterly period ended
September 29, 2007, Linens Holding Co. and subsidiaries (including Linens 'n Things, Inc. acquired in February 2006 for cash of approximately $1.3 billion) reported net sales of $666.8 million, versus $658.2 million in the year-earlier period. The increase in net sales was primarily due to the opening of new stores since Sept. 30, 2006 offset by the impact of a decline in comparable store sales. The decline in comparable store sales was primarily due to a decline in customer transactions partially offset by an increase in average transaction value.
The operating loss (after a charge of $16.8 million for impairment of property and equipment in the more recent quarter) was $56.6 million against a loss of $17.9 million a year ago. After net interest expense and other income & expense, the loss before income taxes was $79.2 million compared to a loss of $41.7 million. After provision/benefit for income taxes, Linens Holdings reported a net loss of $79.9 million versus a net loss of $27.4 million.
April 17, 2008the New York Post reported that the company was seeking to sell its highly profitable Canadian Division, but no one at Linens 'n Things would confirm nor deny this, saying only that an adviser had been hired to explore strategic alternatives. [ [http://www.bloomberg.com/apps/news?pid=20601082&sid=aaikXmH.lKXA&refer=canada Linens 'n Things Seeks to Sell Canadian Stores, N.Y. Post Says] , accessed April 17, 2008.]
May 2, 2008, Linens 'n Things filed for Chapter 11 bankruptcyand closed 120 stores. [ [http://www.ktvb.com/news/business/stories/ktvbn-may0208-linen_%27n_things_bankruptcy.c0856185.html Linen 'n Things files bankruptcy, to close 120 stores] , accessed May 2, 2008.] In August 2008, Linens 'n Things devised a plan to emerge from bankruptcy early in 2009. Under the plan, the retailer will reverse many of the strategies introduced after the company was bought by Leon Black. Chief among those tactics was a shift to splashy clearance sales and product promotions. Current management plans to return Linens 'n Things to an "everyday, low price" model it had pursued during its earlier years as a public company. It also will focus on improving the quality of its merchandise and keeping shelves stocked in timely fashion, the paper said. [ [http://www.reuters.com/article/ousiv/idUSBNG24752420080818 Linens 'n Things plans bankruptcy exit: report] , accessed August 18, 2008.]
October 7, 2008, Bloomberg News reported that Linens 'n Things asked the BankruptcyCourt for permission to auction the remaining 371 stores and hold Going Out Of Business sales. [ [http://www.latimes.com/business/printedition/la-fi-linens8-2008oct08,0,3818514.story Linens 'n Things seeks to speed up remaining store closings] , accessed October 8, 2008]
* [http://www.lnt.com/home/index.jsp Official website]
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