Chain weighs bankruptcy filing
From Times Wire Services
Home goods retailer Linens ‘n Things is considering filing for Chapter 11 bankruptcy protection, a person familiar with the situation said.
The chain, owned by Leon Black’s buyout firm Apollo Global Management, is negotiating with creditors, which include General Electric Co., the source said.
Linens ‘n Things posted a net loss of $242.1 million last year. The housing downturn and weak economy have exacerbated the New Jersey-based company’s problems as consumers have reined in home-goods spending.
