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.

The “winners” include Gordon Brothers Retail Partners, who were responsible for the liquidation of CompUsa, Sharper Image and Tweeter. Their involvement pretty much guarantees that the “going out of business” sales will be unimpressive — and expensive, as Gordon Brothers has a reputation for raising prices.

Linens ‘n Things to Be Liquidated [WSJ] (Thanks, Wayne!
(Photo: Getty)

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.