Linens 'n Things

Linens 'n Things

Infobox_Company
company_name = Linens 'n Things, Inc.
company_
company_type = Privately owned
company_slogan = Your Home Super Store
foundation = 1975
location = Clifton, New Jersey
key_people = Francis M Rowan (CFO), Robert (Bob) DiNicola, (CEO)|num_employees =
industry = Retail
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 retailer of 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.

On April 17, 2008 the 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.]

On May 2, 2008, Linens 'n Things filed for Chapter 11 bankruptcy and 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.]

On October 7, 2008, Bloomberg News reported that Linens 'n Things asked the Bankruptcy Court 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]

References

External links

* [http://www.lnt.com/home/index.jsp Official website]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • linens — lin·en || lɪnɪn n. garments and other things made of linen; sheets; tablecloth and napkins adj. made of flax, made of linen n. cloth made from flax …   English contemporary dictionary

  • West Oaks Mall (Houston, Texas) — infobox shopping mall shopping mall name = West Oaks Mall caption = location = Houston, Texas, USA opening date = 1984 developer = JMB/Federated Realty Associates Ltd. [http://www.chron.com/CDA/archives/archive.mpl?id=1985 15515 5th Macy s for… …   Wikipedia

  • Northway Mall (Colonie, New York) — Northway Mall (former enclosed mall) Location Colonie, New York Opening date October, 1970 Closing date 1999 Developer Morris Steinberg of New York City Owner Mall Properties, Inc. No. of …   Wikipedia

  • Independence Mall (Massachusetts) — Independence Mall, also known as the Kingston Mall, is a one story enclosed shopping center with 100 stores and restaurants. Built in 1989, the mall serves the South Shore communities of Plymouth County, Massachusetts, in the United States.… …   Wikipedia

  • Centerpointe Mall — Infobox shopping mall shopping mall name = Centerpointe Mall image width = caption = location = Grand Rapids, Michigan, USA coordinates = opening date = 1967 closing date = developer = manager = General Growth Properties owner = Lormax Stern… …   Wikipedia

  • Mountain Farms Mall — View of one end of the mall Location Hadley, Massachusetts Coordinates …   Wikipedia

  • Niagara Square (mall) — infobox shopping mall caption = shopping mall name = Niagara Square Mall location = Niagara Falls, Ontario, Canada opening date = 1977 developer = manager = Rio Can owner = Rio Can number of stores = 70 number of anchors = 9 floor area = 308,153… …   Wikipedia

  • Niagara Square Shopping Centre — Location Niagara Falls, Ontario, Canada Opening date 1977 Management Rio Can Owner Rio Can No. of stores and services 70 …   Wikipedia

  • False advertising — or deceptive advertising is the use of false or misleading statements in advertising. As advertising has the potential to persuade people into commercial transactions that they might otherwise avoid, many governments around the world use… …   Wikipedia

  • Springdale Mall — Infobox shopping mall shopping mall name = Springdale Mall image width = caption = location = Mobile, Alabama, United States address = 3250 W. Airport Blvd. coordinates = opening date = 1959 closing date = developer = manager = Centro Properties… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”