Linens 'n' Things may seek bankruptcy protection - Henderson Gleaner

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A recent Wall Street Diary study said that Linens ‘n’ Things, a major place furnishings retail merchant with a shop in Evansville, may register for Chapter 11 bankruptcy protection in the close future.

If that happens, the company will be the 3rd Evansville Pavilion retail merchant to register for bankruptcy in under seven months.

Last September concatenation retail merchant Greater Bombay filed a request for reorganisation under Chapter 11. Its shop in the Pavilion, off the intersection point of the East Harold Lloyd Expressway and Burkhardt Road, closed a short while later after a bankruptcy sale.

Sofas Express is presently concluding a bankruptcy settlement sale at its Pavilion store. The location is expected to fold when the sale stops April 24.

According to a WSJ study April 14, functionaries of Linens Retention Co. â€" known as Linens ‘n’ Things (LNT) â€" said the company will postpone a quarterly involvement payment of about $16.1 million to holders of its senior barred floating charge per unit short letters owed 2014.

The retail merchant also said it is talking to a noteholder commission about restructuring its working capital structure.

The WSJ quoted Henry Martin Robert DiNicola, LNT’s president and main executive director officer, as saying: “Despite the paces that LNT have got made to better the operational side of its concern over the past two years, these measurements have not produced acceptable fiscal results.”

In the WSJ DiNicola eluded to an increasing impairment of the recognition marketplaces and the residential existent estate meltdown for creating further and acute fiscal challenges for the company and the retail sector as a whole.

DiNicola also blamed the downswing in consumer disbursement for its fiscal troubles.

Founded in 1975, LNT is based in Clifton, N.J. It includes more than than 570 supplies in 47 states and six Canadian provinces, and have employed as many as 7,300 in recent years.

Apollo Management bought LNT in 2006 for $1.3 billion.

If LNT data files for bankruptcy it may maintain its good acting stores, which includes the Evansville location, and sell its mediocre acting supplies depending on its restructuring setup.

Or, it may make up one's mind to sell all the stores.

It’s believed LNT would have got from 90 to 120 years to seek to reconstitute under Chapter 11 bankruptcy.

A new renter for Bombay’s former Pavilion space may be known soon, said functionaries of the Pavilion’s principal owner: Benny Goodman Properties Inc. inch Jenkintown, Pa.

It may be two to three calendar months before a renter is confirmed for the Sofas Express space, they said.

Goodman Properties purchased the Pavilion for $56 million in late summertime 2005.

At the clip David Bruce Goodman, Benny Benny Goodman Properties owner, said the sale included the Borders bookshop and outlot areas.

It didn’t include the Target Greatland shop of 145,000 foursquare feet of space or Target’s Fifteen estate of land. Target have its property, he said.

Goodman purchased the pavilion’s remaining 283,000 foursquare feet of retail space and 30 acres.