In today’s marketplace, going out of business doesn’t mean you go away forever. Your storefronts may disappear, but you’ll just pop up again online—like CompUSA and Circuit City—or you’ll come back on someone else’s shelves as a brand, like Linens ‘N Things.
Got some old Linens ‘N Things coupons? Don’t throw them away. Bed Bath & Beyond will take them until the end of the month. [ShopSmart]
An independent contractor hired in connection…
Earlier this year when the Sharper Image declared bankruptcy, they briefly stopped accepting gift certificates. Eventually, they did start accepting them again — but with the requirement that consumers buy twice the face value of the card. This, it seems, has caused a fair amount of panic among consumers. Chain emails are circulating warning shoppers not to buy gift cards from various retailers — claiming that they are going out of business. But are they?
A Good Morning America hidden camera investigation found that if you peel back the label on the “sale” items at Linen’s N Things, you’ll find the old label underneath, with a cheaper price. How do they get away with saying “10-20% off sale” then?
Plans to auction off Linens ‘n Things were scrapped Monday night, says the Wall Street Journal, dooming the housewares retailer to liquidation by the end of the year. Apparently, no bidder was willing to offer more than the 475.5 million dollars offered by a group of liquidators who wanted to shut the retailer down.
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Jim from Blueprint For Financial Prosperity writes:
Quick, spend all those 20% off coupons you’ve been hoarding: Linen’s N Things filed for Chapter 11 bankruptcy protection. [NYT]
Widely expected to declare bankruptcy today, Linen’s N Things instead decided to defer paying the interest that was due today that would have pushed it into Chapter 11. Your gift cards and the pile of 20% off coupons you use to test out new mulchers are safe…for now. [NYT]
If, as the market price implies, Linens ‘n Things noteholders expect to recover just one-third of face value on their debt, woe to the equity holders, Apollo Management, National Realty & Development Corporation and Silver Point Capital. Their stock is almost sure to be wiped out.
The mob shopping savings just keep rolling in. Hooray. We may show up at one of these sales, just to document the depravity. — BEN POPKEN
Here’s a more complete copy of the questionable Linens n’ Things ad we wondered about yesterday. Click to expand.