Housewares Business-to-business magazine for housewares retailers and their suppliers
Linens ‘n Things’ Canadian stores are following their US counterparts and closing down.
Linens ‘n Things Canada Corp has filed for bankruptcy protection in that country, and is seeking permission to liquidate and shut its 40 Canadian outlets. The business will then start store closing sales.
Earlier this month the 370 US stores failed to find a buyer and are now in the process of going into liquidation.
Commenting on the latest failure, the retailer’s interim CEO Michael Gries said: “Since our bankruptcy filing in the US in early May, LNT and our advisors have worked tirelessly to develop a viable restructuring plan for the company.
“Unfortunately, the worsening economic situation in the US, the deepening decline in the real estate market, the further downturn in consumer spending and the frozen credit markets combined to make this sale of assets the best vehicle to satisfy our creditors.
“This is a difficult day, especially since our Canadian stores were among the best performing stores.”
