Despite those conditions, the company reassured investors, stating that a proxy filed Tuesday with the Securities and Exchange Commission reflected Linens' belief that it would satisfy the requirements. In the filing, CEO and chairman Norman Axelrod encouraged shareholders to vote in favor of the merger.
"Your board of directors has unanimously approved and declared the merger and the merger agreement advisable, and has declared that the merger is fair to and in the best interests of Linens 'n Things and its stockholders," Axelrod writes.
During its latest reported quarter, which ended Oct.1, Linens' year-over-year same-store sales fell 10.1%. Total net sales dropped 3.8%, to $629.3 million and net income fell to just over $1 million, from $17.2 million in the same year-ago period.
At press time, shares of Linens 'n Things were up 10.58% trading at $26.44.
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