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LINENS 'N THINGS FILES FOR BANKRUPTCY PROTECTION
May 03, 2008 - NEW YORK — A Chapter 11 bankruptcy filing by Linens 'n Things is the latest
sign that the retail sector is becoming leaner and meaner amid a difficult consumer
environment.
On Friday, the bedding- and home-furnishing retailer filed a petition in bankruptcy court in
Delaware and said it would close 120 underperforming stores, almost a quarter of them in
California.
Ken Perkins, president of research company RetailMetrics LLC, said the bankruptcy stems
from a combination of operating issues and the lagging economy.
If you read the entire story, you will find out everyone who still has a gift card just got screwed
along with about 400,000 other consumers.
An analyst estimates the filing will freeze about $42 million in consumer gift cards. While
consumers may think of the gift cards as cash, the bankruptcy court considers gift cards as
debt, and therefore holders are not necessarily going to get paid.
Click on the red link above to continue the story.
Source: The Huffington Post
May 03, 2008 - NEW YORK — A Chapter 11 bankruptcy filing by Linens 'n Things is the latest
sign that the retail sector is becoming leaner and meaner amid a difficult consumer
environment.
On Friday, the bedding- and home-furnishing retailer filed a petition in bankruptcy court in
Delaware and said it would close 120 underperforming stores, almost a quarter of them in
California.
Ken Perkins, president of research company RetailMetrics LLC, said the bankruptcy stems
from a combination of operating issues and the lagging economy.
If you read the entire story, you will find out everyone who still has a gift card just got screwed
along with about 400,000 other consumers.
An analyst estimates the filing will freeze about $42 million in consumer gift cards. While
consumers may think of the gift cards as cash, the bankruptcy court considers gift cards as
debt, and therefore holders are not necessarily going to get paid.
Click on the red link above to continue the story.
Source: The Huffington Post
