Linens ‘n Things Goes Bankrupt
The hard times are indeed catching and apparently some of the leading bed manufacturers are not leaving a lot to be said. Linens ‘n Things, a well known bed and furniture store has filed for bankruptcy protection sending mixed signals on the fate of most businesses in the bed industry today.
Rather than take the risk, they have decided to take the safe route out. The decision is understandable and for sure a lot more will follow.
The company said the decision to file for Chapter 11 protection was driven largely by “the impact of the current economic downturn on the company’s operating performance.”
News reports put the company’s debts at $1.42 billion, with assets of $1.74 billion.
Upon the bankruptcy filing, Robert J. DiNicola has resigned as the company’s president and chief executive officer. He will, however, remain chairman of the company’s board of directors.
(Source) New Harvard Business Review
*Products reviewed may be available from the links provided. Please do not call Bedzine for these products as we do not carry them.
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Tags: bankruptcy filing, bankruptcy protection, bed, bed manufacturers, chair, debts, economic downturn, furniture, linen, linens n things
Categories: BED Activities, BED News.
