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Linens 'n Things Tricky Liquidation Tactics Exposed
Going out of business sales usually make shoppers' ears perk up, yet a recent sort of exposé by Good Morning America suggests that we shouldn't trust that sticker prices are actual discounts from the originals. With camcorder in hand, the show strolled the aisles of a soon-to-be extinct Linens 'n Things and visited a going-out-of business Circuit City store. What they found was nothing to be excited about, at least in terms of dirt-cheap deals.
Heads Up: Linens 'N Things Liquidations Could Start Today
Last month it looked as if Linens 'n Things was doomed to go out of business, and when no bidders stepped up to keep some of the stores open the chain had no other choice but to admit its non-existent future.
According to The Wall Street Journal, the coalition of liquidators in charge of shutting down Linens 'n Things could start the going-out-of-business sales today. Whether they begin today, tomorrow, or next month, liquidation is inevitable and as with all of these situations there's no guarantee about what will be on the shelves.
This Just In: Linens 'n Things to Liquidate Remaining Stores
Linens 'n Things, which went bankrupt in May but failed to find a buyer, will begin to liquidate its remaining stores as early as Thursday, according to Reuters. The retailer, "one of the largest purchasers of home furnishings in the United States," grappled with the "housing slowdown and a decline in consumer discretionary spending" and then went under due to the credit crisis which "prevented possible buyers from getting the credit to fund a purchase." Since filing bankruptcy it has already closed 100 stores, and expects to close the rest by the new year.
Linens 'N Things Holiday-Going-Out-of-Business Sales
Linens 'n Things filed for Chapter 11 bankruptcy protection back in May 2008, and after enduring an unkind Summer it looks like the chain must finally face its fate. It's predicted that the company will liquidate just in time for the holidays. Bad times for Linens 'n Things, but if you've been needing a new coffee grinder or only have two wine glasses in tact from your original set of eight, consider holding off on your purchases for a couple more months.
Linens 'n Things Files For Bankruptcy, Try to Use Your Gift Cards
The possibility of Linens 'n Things filing for Chapter 11 bankruptcy has been on our radar for two weeks. While they attempted to avoid this decision by postponing debt payments and searching for a buyer, they were unable to come up with another solution and today the company filed for Chapter 11 protection.
With its 500 US stores the company is second to Bed Bath & Beyond in terms of housewares chains, and according to the New York Times Linen's 'n Things plans to close 120 stores.
News Flash: Linens 'N Things Not Bankrupt Yet
While it had seemed almost certain that Linens 'n Things would declare bankruptcy this week, they've managed to put off paying the $16.1 million in interest owed to various creditors and bondholders. This doesn't mean the company is out of trouble, it just means they've bought some time to try and figure out a solution other than bankruptcy. It also means that for now, your gift cards are still valuable for purchasing linens, and well, things.
Linens 'n Things to Go Bankrupt, Use Your Gift Cards
According to The New York Times, Linens 'n Things is expected to file for bankruptcy protection this week and it could turn into a Chapter 11 bankruptcy due to the amount of debt involved. Chapter 11 entails the reorganization of a company's affairs and assets and is the most complicated type of bankruptcy.
Some of you received Sharper Image gift cards for the holidays and were unable to use them when the company filed Chapter 11 bankruptcy in February.
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