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Linens 'n Things

Linens 'n Things was an American big-box retail chain specializing in home textiles, housewares, and decorative accessories, including bedding, bath items, kitchen goods, and seasonal décor.^[1]^[2] Founded in 1975 by Eugene Kalkin in West Orange, New Jersey, the company began with seven stores acquired from the bankruptcy proceedings of Daylin Inc., generating initial annual sales of $2 million.^[1] The retailer experienced rapid expansion in the late 1970s and 1980s, growing to 55 stores by 1983 with approximately $80 million in sales, before being acquired by Melville Corporation that year.^[1] In 1988, Linens 'n Things introduced its superstore format, starting with a location in Rockville, Maryland, which allowed for broader product assortments in larger spaces averaging 30,000 square feet.^[2] The company went public in 1996 through an initial public offering and continued aggressive growth, reaching over 500 stores across 45 U.S. states and five Canadian provinces by 2005, with annual sales of $2.7 billion.^[3]^[4] In 2006, it was taken private by Apollo Management in a $1.3 billion leveraged buyout.^[3] Facing economic pressures from the 2008 financial crisis, intense competition, and high debt from the buyout, Linens 'n Things filed for Chapter 11 bankruptcy protection in May 2008, securing $700 million in debtor-in-possession financing.^[5]^[6] Despite restructuring efforts, the company shifted to liquidation in October 2008, resulting in the closure of all 589 stores by February 2009 and the loss of about 7,000 jobs.^[1]^[7] Following the liquidation, the Linens 'n Things brand intellectual property was acquired by Hilco Consumer Capital and Gordon Brothers Brands in February 2009 and relaunched as an online retailer.^[8] It changed hands multiple times thereafter, including acquisition by a Carlyle Group-led investment group in 2013 and Sequential Brands Group in 2014.^[9]^[10] Online operations ceased in 2018. In July 2020, Retail Ecommerce Ventures (REV) acquired the rights and relaunched the site in November 2020 as an e-commerce platform with expanded categories like kitchen electrics, pets, and toys. The brand was sold to Omni Enterprises in spring 2024, where it continues to operate as an online retailer focused on home décor, accessories, lighting, and seasonal items.^[11] In September 2025, the U.S. Securities and Exchange Commission filed fraud charges against REV's former owners, alleging a Ponzi-like scheme involving over $112 million in investor funds, though this did not directly impact the brand's current operations under new ownership.^[12]

Origins and Early Development

Founding

Linens 'n Things traces its origins to the early 1950s when Eugene Wallace Kalkin, at age 22, began establishing leased linen departments in discount retail stores through partnerships, including with Great Eastern Mills in 1958. In 1970, Daylin Inc., a Beverly Hills-based conglomerate, acquired a controlling interest in Great Eastern Mills and bought out Kalkin's share of the linen operations in exchange for Daylin stock, integrating them as departments within Daylin's subsidiaries. This marked the formal inception of Linens 'n Things as a branded entity focused on home textiles and furnishings, evolving from leased setups to dedicated retail spaces offering affordable linens and household goods.^[13]^[1] By 1975, Linens 'n Things had grown into a small chain of seven stores emphasizing discount-oriented outlets for bed, bath, and kitchen linens, alongside basic home furnishings and household essentials, generating approximately $2 million in annual sales. The company's early model prioritized accessible pricing on everyday items, differentiating it from higher-end department store offerings.^[13]^[1] That year, Daylin Inc. filed for bankruptcy amid broader financial troubles, rendering Kalkin's stock holdings nearly worthless and forcing a restructuring of the linen operations. Seizing the opportunity, Kalkin purchased the seven Linens 'n Things locations out of the bankruptcy proceedings, establishing the company as an independent entity under his direct leadership. This transition allowed Linens 'n Things to operate autonomously, free from corporate oversight, and set the stage for its focus on value-driven specialty retail in the home goods sector.^[13]^[1]

Initial Expansion and Challenges

Following its independence in 1975, Linens 'n Things, under founder Eugene Kalkin, rapidly expanded from an initial seven stores acquired from the bankrupt Daylin Inc. to 55 locations by 1983, generating $80 million in annual sales. The growth was concentrated in the Northeast United States, particularly in the New York metropolitan area and New Jersey, where the company established its warehouse-style outlets offering discounted home textiles and housewares. This expansion capitalized on Kalkin's innovative merchandising approach, which utilized high-ceiling stores with efficient shelving to maximize inventory display while minimizing overhead costs, allowing for competitive everyday low pricing.^[1]^[14]^[15] The company faced significant challenges during this period, including the fallout from Daylin's 1975 bankruptcy, which disrupted operations and required Kalkin to repurchase the stores to maintain continuity. Supply chain issues in the late 1970s, exacerbated by vendor reluctance to supply first-quality branded merchandise to off-price retailers, limited inventory options and intensified competition from traditional department stores that dominated the home goods sector. Amid the early 1980s economic recession, Kalkin focused on financial stabilization through cost controls and selective store openings, navigating reduced consumer spending while building vendor relationships to secure better terms.^[14]^[15]^[1] To differentiate from emerging rivals like Bed Bath & Beyond, Linens 'n Things introduced private-label brands, such as its own LNT line, which comprised about 10% of merchandise and offered value-oriented alternatives to national brands like Wamsutta and Fieldcrest. Merchandising strategies emphasized a broad assortment of over 25,000 stock-keeping units in categories including bedding, bath, and kitchen items, presented in a no-frills environment that prioritized accessibility and affordability over elaborate displays. Kalkin led these efforts until the company's acquisition by the Melville Corporation in 1983.^[14]^[16]^[17]

Growth as a Public Company

Acquisition by Melville Corporation

In 1983, Melville Corporation, a diversified retail conglomerate known for its ownership of chains such as CVS drugstores and Toys "R" Us, acquired Linens 'n Things for an undisclosed amount. At the time, Linens 'n Things operated 55 stores generating approximately $80 million in annual sales, and the acquisition integrated it into Melville's broad portfolio of specialty retailers, providing access to greater financial resources and operational expertise.^[13]^[14]^[18] Following the acquisition, Linens 'n Things experienced a period of stabilization under initial leadership from founder Eugene Kalkin, who continued directing operations for two years before transitioning to Robert L. Karan. In 1988, Norman Axelrod was appointed CEO by Melville's chairman Stanley Goldstein, bringing professional management focused on enhancing market positioning through improved merchandising and technology upgrades, such as the adoption of UPC scanning and electronic data interchange systems. Axelrod's tenure emphasized disciplined growth and a customer-centric approach, marking a departure from the company's earlier independent operations.^[14]^[13]^[19] Under Melville's ownership, Linens 'n Things shifted from its original discount-oriented model to a mid-tier home goods retailer, prioritizing quality and variety to appeal to suburban consumers. Product lines expanded significantly beyond basic linens to include housewares, decorative accessories, and brands like Calphalon cookware and Krups appliances, with "things" (non-textile items) growing from less than 10% of sales in the late 1980s to a more balanced assortment. This evolution was supported by the introduction of larger superstore formats starting in 1988, which allowed for broader inventory displays and one-stop shopping experiences. Store expansion accelerated through regional clustering in suburban markets, reaching 140 locations by 1988 and surpassing 200 stores by the early 1990s, with total square footage tripling to approximately 4.8 million by 1995 as traditional smaller outlets were converted or replaced.^[14]^[13]^[1]

IPO and Superstore Strategy

In 1996, Linens 'n Things was spun off from its parent company, Melville Corporation (which had reorganized as CVS Corporation), through an initial public offering (IPO) that sold 67.5% of the company's shares to the public, generating net proceeds of approximately $189.4 million for CVS.^[20] The IPO was completed on November 26, 1996, with shares listed on the New York Stock Exchange under the ticker symbol LIN.^[13] This transition marked the beginning of Linens 'n Things' independent operation as a public company, allowing it to pursue focused growth strategies in the competitive home goods retail sector. Under CEO Norman Axelrod, the company emphasized its established superstore format, which had been introduced in 1988 and featured stores averaging 35,000 to 40,000 square feet designed for one-stop shopping with extensive selections of home textiles, housewares, and accessories.^[13] These superstores prioritized visible merchandise displays, broad brand assortments, and customer service to differentiate from smaller specialty retailers, enabling efficient inventory management and higher sales per square foot. The format supported the company's value-oriented positioning, offering a mix of national brands and private labels to appeal to middle-market consumers seeking convenience and affordability. The IPO fueled rapid expansion, growing the store count from about 240 locations in 1996 to over 500 stores across 45 U.S. states and five Canadian provinces by 2005, including entries into new markets such as the Midwest, West Coast, and Canada starting in 2000.^[13] In 2000, the company discussed an internet strategy to integrate e-commerce with store operations.^[13] Private brands like Luxe Living played a key role, providing exclusive, high-quality items at competitive prices to drive margins and loyalty. Financial performance reached its peak during this public era, with annual revenues surpassing $2 billion by the early 2000s and hitting $2.66 billion in 2004, reflecting the success of the superstore model and expansion in capturing market share amid rising consumer demand for home furnishings.^[13]

Ownership Changes and Peak Operations

Apollo Management Acquisition

In February 2006, Apollo Management completed a leveraged buyout of Linens 'n Things for approximately $1.3 billion, taking the publicly traded company private through a merger with an Apollo-formed entity and subsequently delisting its shares from the New York Stock Exchange.^[21]^[22] The transaction, initially agreed upon in November 2005 and approved by shareholders on February 1, 2006, marked a significant shift as Apollo, along with co-investors including Silver Point Capital and NRDC Real Estate Advisors, aimed to reposition the retailer amid competitive pressures in the home goods sector.^[23]^[24] Following the acquisition, Robert J. DiNicola assumed the roles of chairman and chief executive officer on February 14, 2006, replacing outgoing CEO Norman Axelrod and spearheading a multi-year turnaround plan launched in March 2006.^[25]^[26] The strategy emphasized cost-cutting through reductions in stock-keeping units to streamline inventory, enhanced marketing initiatives to boost brand visibility, and operational efficiencies including supply chain adjustments to support product assortment changes.^[27]^[28] Under DiNicola's leadership, the company also focused on fostering customer loyalty via its private label charge card program, which incorporated rewards to encourage repeat visits and improve in-store engagement.^[25] At its peak during private ownership in late 2006, Linens 'n Things operated 571 stores across 47 U.S. states and six Canadian provinces, employing approximately 18,500 associates (including 7,300 full-time and 11,200 part-time workers) and generating net sales of approximately $2.53 billion for the fiscal year ended December 30, 2006.^[25] However, the leveraged buyout introduced substantial financial leverage, with the issuance of $650 million in senior secured floating-rate notes to finance the deal, signaling early challenges from elevated debt levels that strained cash flow amid stable but pressured revenues.^[25]^[29]

Store Network and Business Model

Linens 'n Things functioned as a big-box specialty retailer focused on home textiles, housewares, and decorative home accessories, targeting women aged 25 to 55 with middle- to upper-middle incomes who sought to express personal style in their homes. The company's core business model emphasized providing a broad assortment of high-quality, brand-name, and private-label products at competitive everyday value prices, supported by knowledgeable customer service and efficient store operations to drive repeat visits and sales. At its peak in 2006, Linens 'n Things operated 571 stores across 47 U.S. states and six Canadian provinces, totaling approximately 18.9 million gross square feet of retail space.^[25] Stores were typically sized between 25,000 and 40,000 gross square feet, averaging 33,000 square feet, and were strategically located in high-traffic power strip centers or standalone sites in suburban markets to maximize accessibility and visibility. The interior layout adopted an efficient racetrack design in a visually appealing format, allowing customers to circulate easily through departments while showcasing the full range of merchandise, including bedding, bath items, kitchenware, and home decor. This setup enabled the company to offer over 25,000 stock-keeping units (SKUs) per store, far exceeding the selection available in traditional department stores or smaller specialty shops.^[25]^[30] The product assortment centered on bed and bath linens, kitchen and dining housewares, and decorative home accessories, with proprietary merchandise under the LNT Home private label comprising about 15% of total sales to enhance margins and exclusivity. Competitive positioning relied on value-oriented pricing across a wide range of price points, broad product breadth, and assisted self-service supported by trained associates who provided guidance without high-pressure sales tactics. Additional differentiators included modern point-of-sale technology for quick checkouts and generous return policies to build customer loyalty. The supply chain involved centralized procurement from approximately 1,200 domestic and international vendors, with roughly 21% of purchases from overseas sources settled in U.S. dollars to minimize risk; goods were distributed through three U.S. facilities in Kentucky, New Jersey, and North Carolina, totaling 1.2 million square feet. At peak operations, the company employed approximately 18,500 associates, including 7,300 full-time and 11,200 part-time workers, to support store-level execution.^[25]^[31]^[30]

Financial Decline and Closure

Economic Pressures and Restructuring Attempts

The onset of the 2007-2008 financial crisis significantly exacerbated Linens 'n Things' financial difficulties, as declining consumer confidence and spending on discretionary items like home furnishings led to reduced demand across the retail sector.^[32] The housing market collapse further intensified pressures, with home sales and renovations plummeting, directly impacting sales of linens and housewares.^[33] Internally, the company grappled with a substantial debt burden stemming from its 2006 acquisition by Apollo Management, which had loaded the balance sheet with approximately $855 million in long-term debt by the end of 2007.^[34] This leverage, combined with an inventory overhang from overstocked merchandise amid softening demand, strained cash flow and operational efficiency.^[35] Heightened competition from mass retailers like Walmart and Target, which expanded their home goods offerings at lower price points, further eroded market share and profitability.^[36] In response to these pressures, Linens 'n Things initiated several restructuring measures in 2007 and early 2008 to stem losses. By April 2008, facing acute liquidity challenges, it deferred a $16.1 million interest payment on its debt obligations and negotiated with lenders to delay enforcement actions.^[37] Additionally, the retailer secured access to portions of its $700 million revolving credit facility, including arrangements to finance up to $200 million in vendor deliveries for the fall season, providing temporary working capital relief.^[38] Leadership transitions underscored the urgency of these turnaround initiatives. In early 2008, amid board demands for aggressive cost reductions and operational streamlining, CEO Robert DiNicola stepped down from day-to-day management in May, transitioning to executive chairman while a chief restructuring officer was appointed to oversee the efforts.^[39] These steps, however, proved insufficient to offset the broader economic downturn and mounting internal challenges.^[35]

Bankruptcy and Liquidation

On May 2, 2008, Linens 'n Things, through its parent company Linens Holding Co., filed a voluntary petition for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware, listing approximately $1.74 billion in assets and $1.42 billion in liabilities as of December 29, 2007.^[28]^[40] The filing came amid pre-existing economic pressures, including a declining housing market and tightened credit conditions that had strained the retailer's liquidity. As part of the initial reorganization plan, the company announced the closure of 120 underperforming stores out of its total of 589 locations across the U.S. and Canada, while securing $700 million in debtor-in-possession financing from General Electric Capital Corp. to support operations during the restructuring process.^[39]^[5] Despite efforts to reorganize, Linens 'n Things faced mounting challenges, including failed attempts to secure a going-concern buyer. In July 2008, the company announced the closure of 57 additional underperforming stores as part of its restructuring efforts.^[41] On October 17, 2008, the bankruptcy case was converted to Chapter 7 liquidation following the collapse of an auction for the remaining 371 stores, as no viable bids emerged to sustain the business.^[42] Going-out-of-business sales commenced shortly thereafter, starting as early as October 17, 2008, under the oversight of a joint venture of liquidators including Hilco Merchant Resources, Gordon Brothers Retail Partners, and others. These sales aimed to liquidate over $1 billion in inventory and store fixtures across the remaining stores, marking the end of physical retail operations.^[43]^[44] The liquidation process concluded with all stores shuttered by December 28, 2008, resulting in the loss of about 7,000 jobs.^[45] In a related asset sale during the bankruptcy proceedings, Hilco Consumer Capital and Gordon Brothers Brands acquired the company's intellectual property, including the brand name, trademarks, and domain names, for about $1 million at an auction in January 2009, preserving the potential for future use of the Linens 'n Things name.^[46]^[11] This transaction represented the final disposition of key non-physical assets amid the retailer's complete wind-down.

Revivals and Current Status

Initial Online Relaunch

Following the completion of its liquidation in early 2009, Linens 'n Things relaunched as an e-commerce-only retailer on February 26 at its original domain, lnt.com, under the ownership of Hilco Global, Gordon Brothers Group, and Infinity Lifestyle Brands.^[47] The new entity shifted entirely to direct-to-consumer online sales, leveraging the brand's established name in home goods to operate without any physical stores.^[48] This relaunch capitalized on the ongoing liquidation process by initially utilizing the website for an innovative online going-out-of-business sale, which helped preserve brand value during the transition.^[48] The product assortment closely mirrored that of the former brick-and-mortar stores, emphasizing linens, bedding, housewares, and home decor items from well-known brands such as Vera Wang and Laura Ashley.^[49] At launch, the focus was on clearing remaining liquidated inventory at discounted prices, gradually transitioning to a broader selection of new stock exceeding 200,000 items across more than 2,000 suppliers.^[49] This approach aimed to recapture customer loyalty through familiar offerings while adapting to the digital marketplace. The initial years presented significant challenges, including intense competition from dominant e-commerce platforms like Amazon and constrained resources that limited marketing efforts and brand visibility.^[50] Despite these hurdles, the platform achieved steady growth, with monthly revenues increasing by 170% in its first year of operation.^[51] Operations remained modest in scale compared to the pre-bankruptcy era, prioritizing sustainable online sales without expansion into physical retail. In December 2013, the ownership group sold the Linens 'n Things intellectual property to Galaxy Brand Holdings, an affiliate of The Carlyle Group, for an undisclosed amount.^[52] The transaction preserved the online-only model, with no plans for brick-and-mortar returns, allowing the e-commerce site to continue focusing on home furnishings sales.^[47] The online operations under Galaxy ceased in 2018.

Acquisition by Retail Ecommerce Ventures

In July 2020, Retail Ecommerce Ventures (REV), a holding company founded by entrepreneurs Tai Lopez and Alex Mehr, acquired the intellectual property and brand rights of Linens 'n Things for an undisclosed amount. This acquisition occurred amid REV's aggressive expansion into reviving bankrupt retail brands, including a concurrent purchase of Pier 1 Imports' assets from its liquidation proceedings. REV aimed to transform Linens 'n Things into a digital-first operation, capitalizing on the brand's legacy in home furnishings to compete in the growing online retail sector.^[53]^[54] Following the acquisition, Linens 'n Things relaunched its e-commerce platform at lnt.com in November 2020, focusing on a streamlined online model for home textiles, housewares, and decorative accessories. The updated site incorporated contemporary digital features, such as user-friendly navigation and a broad product catalog spanning bedding, bath essentials, kitchen items, and seasonal decor to meet evolving consumer demands. This relaunch aligned with REV's portfolio strategy, which emphasized quick digital revivals to capture market share in the post-pandemic e-commerce boom.^[55]^[56] Under REV's ownership, Linens 'n Things contributed to the holding company's reported revenues of approximately $60 million in 2022, reflecting operational growth across its revived brands through targeted online sales and marketing efforts. However, by March 2023, REV grappled with significant financial pressures, announcing considerations for a bankruptcy filing amid roughly $200 million in debt accumulated from its acquisitions and operations.^[57]^[58] Despite these challenges, Linens 'n Things maintained uninterrupted online functionality, with its assets acquired by Omni Retail Enterprises in spring 2024 following creditor foreclosure in 2023. In September 2025, the U.S. Securities and Exchange Commission filed fraud charges against REV's former owners, alleging a Ponzi-like scheme involving over $112 million in investor funds, though this did not directly impact the brand's current operations under new ownership.^[12] As of November 2025, the brand continues to operate exclusively as an e-commerce retailer, delivering home goods directly to consumers via lnt.com.^[59]

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Dec 4, 2020 · So far this year, REV has acquired the brand assets and ecommerce businesses of Pier 1, Linens 'n Things, Franklin Mint, Modell's Sporting Goods ...
[54]
Retail Ecommerce Ventures (REV) Officially Relaunches Pier 1 ...
Oct 29, 2020 · So far this year, REV has also acquired the brand assets and ecommerce businesses of Linens 'n Things, Franklin Mint and Modell's Sporting Goods ...
[55]
Reports: Retail Ecommerce Ventures Exploring Bankruptcy
Apr 17, 2023 · A source told the New York Post that REV's debt totaled approximately $200 million, with revenues and losses of about $60 million in 2022 ...
[56]
Owner of RadioShack, Pier 1 in danger of bankruptcy filing: sources
Mar 2, 2023 · A flashy firm, Retail Ecommerce Ventures, that has scooped up a slew of bankrupt retail brands including RadioShack, Pier 1 Imports and ...
[57]
Buyers of Modell's Sporting Goods Brand Accused of Running Ponzi ...
Sep 30, 2025 · The Securities and Exchange Commission (SEC) has accused two individuals who purchased well-known retailers out of bankruptcy proceedings, ...