Linens ‘n Things, the US retailer of housewares and homewares that filed for bankruptcy protection in May, is going up for sale at auction today.
The company has abandoned previous plans for reorganisation.
One potential bidder, a joint venture group, is looking to liquidate the company. However, Linens ‘n Things says there is also interest from other parties that want to operate all or part of the remaining business as a going concern.
The chain has suffered a sales decline of up to 30% in some weeks since the bankruptcy, with customers believing the stores had gone out of business, and a lack of merchandise exacerbated by nervousness amongst suppliers.
Linens ‘n Things originally operated almost 600 stores but has sold a significant number since May.