Investment Firm to Buy Linens ‘n Things
From Associated Press
Linens ‘n Things Inc., a top retailer of bedding, towels and home goods, agreed to be acquired by an investment firm in a deal worth about $1.3 billion.
The deal to be acquired by a new company formed by privately held Apollo Management comes as Linens ‘n Things, the nation’s No. 2 home goods chain, behind Bed Bath & Beyond Inc., experiences falling profit and sales amid increased competition from retailers offering more-trendy home merchandise.
William Giles, chief financial officer at Clifton, N.J.-based Linens ‘n Things, said the acquisition wouldn’t alter company plans to open 30 stores next year.
