http://dealbook.blogs.nytimes.com/2008/05/02/linens-n-things-lands-in-chapter-11/?ref=business
Linens ‘n Things has become one the biggest companies taken private in the recent buyout boom to land in bankruptcy court.
The seller of housewares and bedding filed for Chapter 11 protection Friday morning after failing to arrange an out-of-court solution to its liquidity problems. The move is a blow to Apollo Management, Leon Black’s private equity firm, which bought the company, along with a consortium of investors, for $1.3 billion in February 2006.
Since at least mid-April, when it deferred an interest payment on its bonds, Linens ‘n Things has been negotiating with creditors and looking for a buyer in hopes of avoiding a bankruptcy filing. Those efforts fell short, leading to Friday’s filing in Delaware. The company said it plans to close 120 stores.
On the plus side, maybe I can get a good deal on some 800 thread count sheets!
Yes, I'm straight, **** off.