Linens ‘N Things Marks Bought by Hilco, Gordon
Linens ‘n Things Inc.’s intellectual property was acquired by a group led by Hilco Consumer Capital LP and Gordon Brothers Brands LLC so they can repurpose the name as a licensed brand.
The purchase includes the bankrupt home-furnishings retailer’s name, bridal and gift registries and brands such as Hotel Living, the buyers said today in a statement. The owners said they will sell the right to use the names on goods sold at branded in-store shops, through other retailers and online, rather than only through a single chain as in the past.
Linens ‘n Things filed for bankruptcy last year after the U.S. real estate collapse hurt sales. Consumers facing lower home values and mounting job losses reduced purchases of home furnishings and decorative accessories.
The buyers didn’t disclose the purchase price. They are acquiring the assets from the liquidator appointed by the Delaware bankruptcy court, said Hilco spokeswoman Karine Joret. They have invested in other bankrupt brands, including Sharper Image and Bombay Brands.
Linen’s ‘n Things was the second-largest U.S. home furnishings retailer after Bed Bath & Beyond Inc., with 589 stores in North America, and sales of $2.8 billon in 2007. Owned by Apollo Management LP, it filed for bankruptcy court protection last May.
Hilco Consumer Capital is a private-equity firm based in Toronto. Gordon Brothers Consumer is part of the Gordon Brothers restructuring firm based in Boston.
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