The company had agreed to a $475-million "stalking-horse" bid for Linens 'n Things' assets from a joint venture of several investment groups specializing in liquidation. The retailer had hoped to court a buyer that would keep the retail chain running. It called off the auction, which was scheduled for yesterday, after it failed to draw any other qualified bids, court documents stated.My daughter is very excited and is keeping her eye on the store in River Forest, Illinois where, she reports, they are currently offering 40-60% off.
Steve & Barry's may have timed their bankruptcy just right. It's going to be tough to find anyone willing to put forward large amounts of money to rescue a floundering retailer right now. A couple months ago, when it was S&B's turn -- yes; a few months in the future, when things settle down a bit -- perhaps. But Linens 'n Things needed to find an angel now, and even angels can't get credit today.