Court Authorizes Linens 'n Things Inventory Sales in 120 Stores

Business Wire,  May 30, 2008  

• E-mail
• Print
• Link

Company Retains SB Capital Group and Tiger Capital as Liquidation Agents Discounts Start Saturday May 31

CLIFTON, N.J. -- Linens Holding Co. (the "Company"), a leading home furnishings specialty retailer operating as "Linens 'n Things," announced today May 30, 2008, that the United States Bankruptcy Court for the District of Delaware (the "Court") approved store closing sales in 120 of its over 500 stores across the country. Over $275 million in inventory from famous makers will be liquidated. SB Capital Group, LLC and Tiger Capital Group LLC were appointed exclusive agents to conduct the inventory liquidation.

Liquidation discounts are being offered on ALL merchandise located in the 120 affected stores. Shoppers will find all of their favorite things in housewares and decorative home discounted to sell quickly, and for the first time ever, find discounts offered on absolutely everything in the stores, with no exceptions or exclusions.

Stephen Goldberger, Principal of Tiger Capital Group said: "These stores are full of desirable products from many popular brand names. Beginning Saturday, May 31st, shoppers coming into these stores will find unprecedented savings on decorative and functional items for every room in the home. This should be a great event for the many communities where these stores are located."

Linens 'n Things filed to reorganize under Chapter 11 on May 2, 2008 in the United States Bankruptcy Court for the District of Delaware.

Linens 'n Things, with 2007 sales of approximately $2.8 billion, is one of the leading, national large-format retailers of home textiles, housewares and home accessories. Linens-N-Things operates over 500 stores in 47 states and six Canadian provinces. The Company is known for offering a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values and for providing superior guest service.

SB Capital Group, a Schottenstein affiliate, has built a global reputation as the pre-eminent professional services company to help businesses manage change, restructure assets and maximize profit. Integrated under one roof, and connected to a world of resources and unmatched expertise, SB Capital Group provides a wealth of options that include acquisitions, financial solutions, appraisal and valuation services, and asset disposition services. Serving clients around the globe, SB Capital Group has offices in New York, Ohio, Canada, the United Kingdom and Europe. For inquiries, please visit us at www.sbcapitalgroup.com, or e-mail us at info@sbcapitalgroup.com.

Tiger Capital is an industry leading inventory appraisal and advisory firm serving global asset-based lenders and financial institutions. Tiger Capital provides strategic planning, disposition, valuation and collateral monitoring services. Recent ventures have involved a wide range of industries including retail, wholesale, manufacturing, real estate and financial services. Professionals within the Tiger organization have extensive knowledge in the valuation and disposition of assets. Our projects have converted billions of dollars of collateral via wind-down and liquidation operations. Tiger Capital has offices in Boston, Los Angeles and New York. For inquiries, please visit us at www.tigercapitalgroup.com.

A complete listing of the stores affected can be found below. You can also locate a store listing by visiting www.sbcapitalgroup.com, and clicking on the "Current Events" section.

[TABLE OMITTED]

COPYRIGHT 2008 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning