Linens-N-Things To Begin Liquidation This Week

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NEW YORK (AP) -- Specialty retailer Linens-N-Things says it plans to begin liquidation sales at its stores as early as Thursday after failing to find a buyer that wanted to operate the company.

The company has approximately 371 stores remaining, including 10 in Colorado.

The chain filed for bankruptcy in May. In August, the company said it reached a plan of reorganization with the bankruptcy court.

But last week, officials announced they were scrapping the plan. Parent company Linens Holding Co. said it had decided to put the company up for sale at an auction today because of worsening conditions in the financial markets.

The auction was canceled when only one qualified bid was received -- from an investment group.

Linens-N-Things closed 120 stores earlier this year, four of them in Colorado.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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