New York City Linens ’n Things is expected to start liquidation sales at its 371 remaining stores as early as Thursday after the home-goods retailer failed to find a buyer that will operate the company as a going concern, Reuters reported.
A group of liquidators, including Gordon Brothers Retail Partners and Hilco Merchant Resources, had made a preliminary offer for Linens ’n Things and the bankruptcy court had planned to hold an auction for other interested bidders on Tuesday. But no buyers submitted a qualified bid and the auction was canceled, according to court documents filed late on Monday.
The group of liquidators that will oversee the closing sales include Gordon Brothers, Hilco, Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC.
Linens ’n Things filed for Chapter 11 protection in May and said it would shutter 120 underperforming stores.