Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CLIFTON, NJ-Linens ‘n Things’ board of directors has accepted a $1.3-billion, $28-per-share buyout offer from an affiliate of investment firm Apollo Management. The deal comes after weeks of speculation about possible buyers since the 516-store retailer put itself up for sale in September.

The Apollo affiliate includes other investors including NRDC Real Estate Advisors, a partnership between principals of Apollo and Purchase, NY-based National Realty and Development Corp., which owns about 14 million sf of shopping centers. New York City-based Apollo is no stranger to retail and has invested in AMC Theatres, Rent-A-Center, Zale Corp. and other chains.

Linens’ board and Apollo executives expect the deal to close in next year’s first or second quarter. After the transaction, Linens’ no longer trade on the New York Stock Exchange. The company’s stock closed at $26.40 the day before the offer was made public.

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.

The Linens deal is a continuation of recent retailer buyouts by private equity firms. One of the latest big transactions is the proposed $876-million buyout of ShopKo Stores by Sun Capital Partners.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.