Linens-N-Things Files for Bankrupcty by Finest Linens and Things

New York, NY (AHN) - The sluggish economy is taking a toll on home retailer Linens 'n Things Inc., which is expected to file for bankruptcy court protection by Tuesday.

Consumers have less money to spend and that is creating problems for the nation's retailers.

According to the Wall Street Journal, after the housing crisis slowed sales of home-furnishings a buyout allowed Linens to go on when Apollo Management LP acquired it for $1.3 billion in February 2006. A bankruptcy would turn that into the largest buyout to go bust since the credit crisis last summer.

If Linens files for bankruptcy it would also be one of the first major retailers to go under during this slowing economy, MarketWatch reported Friday.

Company officials are scheduled to meet with its lenders and largest vendors on Monday in a last ditch effort to work out agreements that would allow it to stay out of bankruptcy, the Wall Street Journal reports.

New Jersey-based Linens lost $242 million on sales of $2.79 billion in 2007 and it lost $154 million in 2006, according to Walls Street Journal reports.

In March, the company had reduced inventory purchases and store staffing to lower its costs, according to MarketWatch reports.. It has 589 stores in 47 states and seven provinces across the U.S. and Canada.

New Organic Linens by Finest Linens and Things

The text below is a courtesy from: http://www.dadamo.com/wordpress/?p=113

I’ve recently begun to notice that some mornings I get a rash on both cheekbones. It goes away in about a day, so I never thought much about it. Martha changed the detergent that we use on the bed sheets, but that had no real effect. I though it might be related to putting my hands on my face (since I write computer code in the AM and often prop my chin on my hand when debugging lines of code). But changing my ‘pensive posture’ had no effect either.

The last few nights I’ve crashed on the sofa in the den since I’ve been trying to catch up on the wonderful HBO series on John Adams. Surprisingly, these few nights, despite sleeping propped up on the most uncomfortable throw pillows imaginable, produced no rash. However this last night Martha came out and gave me one of the bedroom pillows. Next morning, alas, the rash was back. This got me thinking that something was in these pillows, or I just don’t get along with the pillow covers.

So off we went to Linens N’ Things, a franchise full of extraneous stuff you can buy for your house. I picked up a few hypoallergenic pillows (the old ones were down) and some new covers. The pillow covers had a few interesting, if unsettling facts included with the label:

• Your mattress will double in weight every ten years from dust mites and their droppings.
• 10% of the weight of a two-year-old pillow is composed of dust mites and their droppings.

Household dust, by the way, is a mainly human skin cells that have sloughed off. It is estimated that the entire outer layer of skin is shed every day or two at a rate of 7 million skin flakes per minute. Tests of indoor environmental dust in homes and offices have shown it to be primarily (70-90%) composed of skin flakes.

Tried the new pillows last night and so far no rash.

While at Linens N’ Things my daughter Emily and I played our new game which we call “Try To Find Something In The Store Not Made In China.’ It took a while but eventually I found a chopping block that was made in the U.S. Virtually 90% of the stock of this store was stuff ‘Made In China’. I’m told that the percentage in Wal-Mart is even higher.

Now, I have nothing personal against the Chinese, but I do not like the long-term significance of this trend. We in the US are being lulled and seduced into over-purchasing inexpensive goods from China, which destroy our local industries, increase credit card debt, and send our currency over there. Since the Chinese are not terribly interested in American products, they send the money back here in the form of business loans, many of which fronted the now collapsing home mortgage market.

I remember laughing in history class at how the local Indians sold Manhattan to the Dutch for $24 worth of mirrors and glass beds. Yet we’re doing the same thing; the only difference being the substitution of modern day equivalents; plasma TV screens and vibrating recliners.

On top of it all, China is still as repressive a government as it ever was. There is no true freedom of speech, and rural workers are almost considered second-class citizens. Never mind what they are doing in Tibet right now and that their policy in Darfur is cynical beyond belief. Add the recent heparin scare and the mercury and lead in the painted toys and I’m thinking ‘hey, this system does not need to be rewarded.’

So I’ve adopted what I call my ‘New Organic’ policy: Just like I am willing to pay a bit more to feed my family organic produce, I am now also willing to pay more to clothe my family in goods made in other countries besides China. I will pass up on the need to purchase George Foreman Grills, Fabreeze Room Fresheners and resin lawn furniture unless I can find products that are made by the inhabitants of democratic countries with decent human rights policies, ethical manufacturing standards and proper environmental responsibilities.

Yes, there will be less things in my life, but maybe that is the real hidden benefit of it all.

Finest Linens and Things thanks Mr. Peter D'Adamo for the above text material.
Finest Linens and Things supports Home Furnishings made in USA as well organic cotton grown in USA and world wide.