Report: Linens ‘n Things May Be Headed for Bankruptcy
New York City Leon Black’s buyout firm Apollo Management is considering the idea of a “prepackaged” bankruptcy plan for Linens ‘n Things, the New York Post reported online Tuesday, citing sources.
In the course of such a plan, Apollo and the retailer’s creditors would agree on a restructuring plan before filing for Chapter 11, the Post reported. The company was not reached for comment, the report said.
Time Warner Cable to sell services at Wal-Mart
NEW YORK Time Warner Cable is now offering its cable, broadband internet access and digital phone service in nearly 700 Wal-Mart locations. Customers can sign up for services with the help of a Wal-Mart electronics associate, guiding them on selecting packages of their choice through easily accessible in-store kiosks at the Wal-Mart “Connection Center.”
Time Warner Cable ceo Glenn Britt said: “Today’s consumer is looking for value and convenience. We know that they want to watch what they want, when they want, and many want it in high definition. They want fast, reliable internet access and they want unlimited calling plans. This partnership with Wal-Mart provides customers better access to their entertainment and communications needs with just one stop, making our customers’ lives even easier.”
Circuit City 4Q earnings up, sales down
RICHMOND, Va. Circuit City Stores reported net earnings of $4.5 million, or 3 cents per diluted share, for its fourth quarter ended Feb. 29 compared to a net loss of $7.2 million, or 4 cents per diluted share for the same period last year.
The company reported that net sales for the quarter decreased 7.7% to $3.65 billion from $3.95 billion in the prior year, with consolidated comparable-store sales decreasing 10.4%.
“While the financial results to date clearly do not reflect the expected benefits of our initiatives, we firmly believe the company has the right strategy, the right focus, the right management team and sufficient resources, including expected cash flows and borrowing capacity, to complete our turnaround plan and create long-term sustainable shareholder value,” said Philip Schoonover, chairman, president and ceo of Circuit City Stores.