Linens-N-Things
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Private — Originally, big box retailer Currently, online retailer |
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| Industry | Retail |
| Fate | Chapter 11 Bankruptcy (retail stores) |
| Founded | 1975 (as retail stores, defunct 2009) 2009 (as online retailer) |
| Headquarters | Clifton, New Jersey, U.S. |
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Key people
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Scott Hurd (CFO), Robert (Bob) DiNicola, (CEO) |
| Products | Home Furnishings |
| Revenue | $2.70 bil in 2005. |
| Website | http://www.lnt.com/ |
Linens 'n Things (LNT.com) is an online retailer of home textiles, housewares and decorative home accessories. Until 2008, the company also did business across the United States and Canada as a big box retailer under the name Linens 'n Things, Inc. Headquartered in Clifton, New Jersey, United States, the chain operated 571 stores in 47 U.S. states and six Canadian provinces, and had 7,300 employees as of December 2006.
The struggling company began closing its remaining stores in October 2008 after previously disposing of a number of underperforming stores.
The company's business strategy was "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."
The relaunch of the company as an online retailer was announced in February 2009 on its former website, LNT.com. Following the conclusion of business on the original website on February 15, 2009, customers were redirected to the online store's new home, originally located at thenewlnt.com but since relocated to the old website, lnt.com.
The company was acquired in February 2006 by Apollo Global 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.
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