Great Buys on Home Furnishings

Looking for great buys at on linens and similar household supplies? Try Linens ‘n Things. But act soon. The company, a victim of the credit crunch, is throwing in the towel and liquidating its stores.

Closing sales began Friday, Oct.17, at the retailer’s remaining 371 stores in 48 states, announced Hilco Merchant Resources, one of the investors that bought the company. Over $1 billion of home furnishings will be sold at discounts up to 30 percent, Hilco announced in its press release.

In addition to the usual, bed, bath and kitchen stuff, shoppers can help themselves to store fixtures, furniture and equipment. Plus, the sale comes at a perfect holiday shopping time, Michael Keefe, president and CEO of Hilco Merchant Resources, pointed out in a press release.

The store closing sale is being conducted by a joint venture group comprised of Hilco, Gordon Brothers Group, Hudson Capital, SB Capital Group LLC, Great American Group LLC and Tiger/Nassi Group.

Many of its stores were already liquidating their merchandise and some have already shut down. All sales are final, of course. You can find a store locator at lnt.com.

The company is also shutting down its 40 Canadian stores.

Linens ‘n Things, headquartered in Clifton, N.J., was one of the largest home furnishings retailers, with 17,500 employees and 589 stores in 47 states and seven Canadian provinces, according to Reuters.

The liquidation could pressure competitors like Bed Bath & Beyond to cut prices this holiday shopping season. On the other hand, retail survivors will benefit over the long haul.

Linens ‘n Things was already struggling due to lower consumer discretionary spending.

With home sales way down and unemployment rising, fewer people were buying home furnishings. It filed for Chapter 11 bankruptcy this May and then closed 120 stores.

The company had agreed to a preliminary “stalking horse” bid from a group of investors. A stalking horse bid is the first offer on a bankrupt company’s assets from a buyer chosen by the company, Reuters reported. Its stores headed to liquidation after no other bidders stepped forward.

“Consumers will find great values on everything in the store,” Keefe stated. “Many items will be discounted like never before. This sale comes at a perfect time for everyone to enjoy large savings on many of their holiday gift purchases. Consumers who arrive at the start of the sale will certainly have the best selection of products from which to choose. We don’t expect this sale to last very long.”

But the Fayetteville Observer in North Carolina reported on Oct. 16 that at least some bargain hunters were disappointed by sale prices at the local store.