Linens ‘n Things to Close Fewer Stores than Planned

Linens 'n Things Inc. (Clifton, N.J.), the bankrupt home furnishings retailer, now says it will close fewer stores than originally anticipated.

The company, which filed for bankruptcy in May, said it will close 57 stores in the latest part of its restructuring, down from the 87 it said it had planned to close.

Interim ceo Michael Gries attributed the decline in store closings to an improved outlook for these stores this year and 2009. “While a very difficult decision, the stores that are closing are necessary, given the current retail and economic climate and the need to drive the cost savings and operational efficiencies that will allow us to position Linens 'n Things for long-term growth,” Gries said in a statement.

When combined with the original list of 120 the company announced in May, the company will end up closing a total of 177 stores. The retailer has announced store fixture liquidation sales at 79 selected locations in 18 states. JG Resources (Grand Rapids, Mich.), a national asset liquidation company, is conducting the sales.

The liquidation will offer significant savings to business owners and the general public to save significantly on the stores’ commercial fixtures, including display shelving, shopping carts, stock room shelving, dump bins, pallet racks, check-out counters, telephone systems, cash safes, pallet jacks, merchandise displays, cash registers and more.

“Selling this equipment to other business owners at a fraction of the cost of new will help fuel the local economy's growth,” said JG Resources ceo Jim Grimwade. “It could also help retailers create new jobs by cutting costs from their bottom line.”