Linens 'n Things to Close 120 Stores, Hires DJM Realty to Dispose of Real Estate

2008-06-24 01:25:08 -

- Linens Holding Co. ("LNT"), a leading home furnishings specialty retailer operating as "Linens 'n Things," announced today the hiring of DJM Realty, the leading national retail real estate disposition firm, to exclusively manage the disposition of 120 underperforming stores that the Company targeted for closure as part of its restructuring. Linens 'n Things filed to reorganize under Chapter 11 on May 2, 2008. The hiring is subject to Bankruptcy Court approval.

"We are pleased to announce our partnership with DJM Realty and look forward to a successful disposition of these stores. This is a great chance for retailers looking to expand their real estate," said Hugh Scullin, Senior Vice President of Real Estate, Store Planning, Construction and Legal for Linens 'n Things.

The 120 leases that are available for assignment in this bankruptcy sale are in the following states: AL, AZ, CA, CO, CT, FL, GA, ID, IL, IN, KS, MA, MD, ME, MI, MN, MO, ND, NE, NJ, NV, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA and WI.

"The real estate locations are all in major markets which are difficult to enter. As with all Chapter 11 projects, the process moves fast and we are expecting an auction before July 31st," said Andy Graiser, Co-President of DJM Realty, heading the Linens 'n Things project.

DJM Realty has worked with over 220 companies to dispose of their excess or under-performing real estate. DJM Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value. For more information regarding the disposition assignment, please contact James Avallone of DJM Realty at (631) 752-1100 x224 or javallone@djmrealty.com. Property details are available at www.djmrealty.com.

About Linens 'n Things

Linens 'n Things, with 2007 sales of approximately $2.8 billion, is one of the leading, national large format retailers of home textiles, housewares and home accessories. As of December 29, 2007, Linens 'n Things operated 589 stores in 47 states and seven provinces across the United States and Canada. More information about Linens 'n Things can be found online at www.lnt.com.

About DJM Realty

DJM Realty, a Gordon Brothers Group company, specializes in real estate dispositions, acquisitions, valuations and capital solutions. DJM Realty has serviced the nation's most recognizable brands in healthy and distressed situations. Bankruptcy clients include Avado Brands, Bombay, Chi-Chi's, Kmart, Rag Shop, The Wiz, and Winn-Dixie. DJM Realty was founded in 1992 and is headquartered in New York with offices in Los Angeles, Boston and Chicago. For more information, please visit www.djmrealty.com.

Interested parties should contact: Brooke Bellask of DJM Realty:

631-697-0996 or bbellask@djmrealty.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations and business that is not historical information. As a general matter, forward-looking statements are those focused upon future or anticipated events or trends and expectations and beliefs relating to matters that are not historical in nature. The words "believe," "expect," "plan," "intend," "estimate" or "anticipate" and similar expressions, as well as future or conditional verbs such as "will," "should," "would" and "could," often identify forward-looking statements. The Company believes there is a reasonable basis for our expectations and beliefs, but they are inherently uncertain, and we may not realize our expectations and our beliefs may not prove correct. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The Company's actual results and future financial condition may differ materially from those described or implied by any such forward-looking statements as a result of many factors that may be outside the Company's control. Such factors include, without limitation: the Company's Chapter 11 bankruptcy filing; general economic conditions; changes in the retailing environment and consumer spending habits; relationships with vendors and the availability of merchandise; competition from existing and potential competitors; the amount of merchandise markdowns; loss or retirement of key members of management; increases in the costs of borrowings and unavailability of additional debt or equity capital; impact of our substantial indebtedness on our operating income and our ability to grow; inclement weather and natural disasters; the cost of labor; labor disputes; increased healthcare benefit costs; and other costs and expenses. This list of factors is not intended to be exhaustive.

MWW Group
Rich Tauberman / Susan Kenney
201-964-2408 / 201-964-2392
rtauberman@mww.com / skenney@mww.com