Linens 'n Things' bankruptcy stemmed from the toxic mix of a $1.3 billion buyout by private equity firm Apollo Management, which heaped debt onto the firm, along with the credit crunch. Linens `n Things filed for bankruptcy protection in May 2008, and by the end of that year, the company opted to liquidate its stores.
The "brand name" was sold to Hilco Consumer Capital and Gordon Brothers for just $1 million in January 2009. Since then, the brand has largely lived on through the lnt.com website, where customers can still buy their favorite Linens 'n Things products.
Iconic brands live on even after bankruptcy and liquidation, More buyers are making bets on the resuscitation of dead brand names.
|4 reasons Russia will keep gas exports flowing|
|Inside the underground sex economy|
|GM ignition switch issue surfaced in 2001|
|Obama wants to expand overtime pay|
|Plug the financial leaks, now!|