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Linens 'n Things Comparable store sales decline
15 May '08
3 min read
The Company disclosed in its recent Chapter 11 bankruptcy filing that an aggregate amount of $369.3 million was outstanding under the revolver as of the date of the filing, May 2, 2008. This balance excludes outstanding letters of credit totaling $61.1 million.
At the same time, the Company had total liquidity of $95.3 million, consisting of excess availability under its revolving credit facility of $77.9 million and available cash of $17.4 million.
As of the close of business on May 11, 2008, the Company had total liquidity in excess of $100 million. During the first quarter of 2008, the Company opened seven stores and closed three stores as compared with opening two stores and closing zero stores during the first quarter of 2007.
Store square footage increased 2.9% to 19.5 million at March 29, 2008 compared with 19.0 million at March 31, 2007. 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 March 29, 2008, Linens 'n Things operated 593 stores in 47 states and seven provinces across the United States and Canada.
At the same time, the Company had total liquidity of $95.3 million, consisting of excess availability under its revolving credit facility of $77.9 million and available cash of $17.4 million.
As of the close of business on May 11, 2008, the Company had total liquidity in excess of $100 million. During the first quarter of 2008, the Company opened seven stores and closed three stores as compared with opening two stores and closing zero stores during the first quarter of 2007.
Store square footage increased 2.9% to 19.5 million at March 29, 2008 compared with 19.0 million at March 31, 2007. 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 March 29, 2008, Linens 'n Things operated 593 stores in 47 states and seven provinces across the United States and Canada.
Linens Holding Co
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