Shopping Discussion

[Merged] Linens N Things could be headed for bankruptcy, possible sales in the future

  • Last Updated:
  • May 3rd, 2008 11:32 pm
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Deal Addict
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Jan 28, 2008
1177 posts
29 upvotes
Sarnia
Already low prices? I was in the London store yesterday for the first time in about a year and I didn't see any low prices. Mainly looking at small appliances and they were for the most part more expensive than elsewhere. Example the Tassimo coffee maker was $174.99 at L&T plus offering $25 mail in rebate for $149. But at Canadian Tire the regular price is $149.99 and it's on sale now for iirc $125 and no rebates or coupons to contend with
Deal Addict
Dec 27, 2007
1074 posts
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Markham
I don't see them closing up shop. They are opening 3 new stores in the GTA, already in construction. Why spend all of this money just to throw it away?
Deal Guru
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Aug 20, 2005
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Nowhere
bririp wrote:
Apr 10th, 2008 8:52 am
I don't see them closing up shop. They are opening 3 new stores in the GTA, already in construction. Why spend all of this money just to throw it away?
That's what I was thinking. They just opened a new store in Brampton.
Deal Addict
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Dec 10, 2006
2242 posts
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Toronto
yeah, this is just at the accounting/finance end of the business - retailers go into chapter 11 all the time and customers don't notice any impact on operations or stores
Deal Fanatic
Dec 17, 2006
5138 posts
7 upvotes
Midland
[QUOTE]Home goods retailer Linens 'N Things is expected to file for Chapter 11 bankruptcy protection on Tuesday. The company has hired "well-known restructuring firm" Conway Del Genio Gries & Company, and all signs point to dark days ahead, says the NYT:

If, as the market price implies, Linens 'n Things noteholders expect to recover just one-third of face value on their debt, woe to the equity holders, Apollo Management, National Realty & Development Corporation and Silver Point Capital. Their stock is almost sure to be wiped out.

Under the terms of its senior notes, Linens 'n Things continues to make regulatory filings like a public company. So we can see exactly how much is at stake: The buyout group supplied $648 million of their own equity — or, more precisely, their funds' equity — to take Linens 'n Things private two years sago. That is about half of the deal's overall price of $1.3 billion.

And unless we are missing something, it appears that they haven't yet recouped any of that cash in the form of a special distribution or dividend (a favorite trick in the buyout world).

Holding a gift certificate makes you an unsecured creditor in the eyes of a bankruptcy court, and as such you're pretty low on the pecking order when it comes to divvying up the money. Today might be a good day to do some shopping.[/QUOTE] http://dealbook.blogs.nytimes.com/2008/ ... t-landing/

Anyone on the edge of PMing Home Sense Do it Today!!
Deal Guru
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Apr 17, 2005
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Brampton
Frankie3s wrote:
Apr 10th, 2008 12:04 pm
Thank you sir!
You're welcome :) BTW, I'm a she ;)
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Jr. Member
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Mar 13, 2008
104 posts
179 upvotes
Vancouver, BC
Linens' n Things officially filed chapter 11 bankruptcy this morning. (only for Linens' N Things USA stores.)

If you have LNT gift card for Canada stores, I suggest you use it ASAP.
Deal Guru
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Jan 2, 2006
12210 posts
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Does this mean a sale at the GTA locations?

I need a crockpot....

n 'things.
Deal Guru
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Mar 17, 2004
11327 posts
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Mountain View, CA
Just read about that too. After the Shaper Image fiasco with the GC's, it's already started to cause some unrest on the current LnT GC's holders in the US... Yikes

But yeah, I am anticipating some good clearance sale from them soon. :D
Deal Fanatic
Feb 26, 2008
5135 posts
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pogs wrote:
Apr 9th, 2008 11:40 am
Hey Folks,

Just a heads up...

Linen's N Things may be headed for bankruptcy, so keep an eye out for sales...and if you have any gift cards left, be sure to use them before they become obsolete.

http://news.yahoo.com/s/nm/20080408/bs_ ... nthings_dc

pogs :cheesygri
From what I read earlier it was just the US part that was going bankrupt, but the Canadian part was doing well apparently.

I have 2 gift cards for there and am going to use them this week!
Deal Fanatic
Feb 26, 2008
5135 posts
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pkguy wrote:
Apr 10th, 2008 6:40 am
Already low prices? I was in the London store yesterday for the first time in about a year and I didn't see any low prices. Mainly looking at small appliances and they were for the most part more expensive than elsewhere. Example the Tassimo coffee maker was $174.99 at L&T plus offering $25 mail in rebate for $149. But at Canadian Tire the regular price is $149.99 and it's on sale now for iirc $125 and no rebates or coupons to contend with
Well,
you can also price match at LNT if you bring in an ad from a local store or Canadian store that has the same item.

I did that last year and got a Dustbuster for $10 after rebate :)

They also take competitors coupons!
Deal Fanatic
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Oct 17, 2006
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will check it out next wednesday..hopefully there's big sale...i want a new set of comforter....hehe

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