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December 3, 2008 2:08:25 AM CST

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Bankrupt, Linens 'n Things Will Fold 120 Stores

Posted May 2, 08 5:45 PM CDT in Business 

(Newser) – Linens 'n Things filed for bankruptcy protection today, MarketWatch reports, and plans to close 120 stores nationwide as other operations continue. "The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising improvements that we have made over the past two years," the company's new chairman said.

Source MarketWatch

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Customers leave a Linens 'n Things store in Chicago Friday, May 2, 2008.   (AP Photo/Charles Rex Arbogast)
A shopper walks from the Linens 'n Things store at the Woodbridge Crossing shopping center Friday, May 2, 2008, in Woodbridge, N.J.   (AP Photo/Mel Evans)
A customer carries her shopping from the Linens 'n Things store at the Woodbridge Crossing shopping center Friday, May 2, 2008, in Woodbridge, N.J.   (AP Photo/Mel Evans)
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bankruptcy • consumer spending • retail • economics • layoffs • Chapter 11 • Linens 'n Things


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