Clifton, N.J. Linens ’n Things said that it would be shuttering fewer stores than previously disclosed. The company reported that it now plans to close 57 underperforming stores instead of the 87 as previously announced. The chain filed for Chapter 11 bankruptcy protection on May 2 and announced the closing of 120 stores at that time.
"The reduced number of store closings is the result of improvements in the outlook for these stores throughout the remainder of 2008 into 2009. We are pleased that we are able to keep additional stores open for the benefit of our guests, associates, vendors and the communities we serve," said Michael Gries, chief restructuring officer and interim CEO. "While a very difficult decision, the stores that are closing are necessary given the current retail and economic climate and the need to drive the cost savings and operational efficiencies that will allow us to position LNT for long-term growth."