The state impacted the most by the move is California, with 27units closing. Texas follows with 10, and Michigan will lose nineLinens.
Management filed for bankruptcy due to "the impact of thecurrent economic downturn on the Company's operating performance,"according to a company statement. The retailer has secured $700million in debtor-in-possession financing from GE Capital Corp. tocontinue operating its remaining stores. The company's nearly 40stores in Canada are not part of the filing.
Linens posted a fourth-quarter net loss of $62 million and a$242.1-million plunge for all of 2007. Same-store sales fell 1%year over year during the fourth quarter and 3.4% over all of lastyear.
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