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.
|Costco teams with Citi, Visa|
|China tops U.S. at the box office for first time|
|Michael Jordan joins Forbes billionaires' club|
|Premarkets: 4 things to know before the open|
|Too much Facebook leads to envy and depression|