Mover Mike

The New Jersey-based company, Linens 'n Things, whose products range from sheets and curtains to cookware and massage chairs, has 600 stores nationwide and $2.79 billion in net sales last year.

Linens 'n Things has seven stores in Oregon: TANASBOURNE TOWN CENTER, CASCADE PLAZA in Beaverton, FORUM SHOPPING CENTER in Bend, ROGUE VALLEY MALL in Medford, two stores in Portland and the LANCASTER MALL in Salem.

...the U.S. housing downturn and weak economy have exacerbated the company's problems, since consumers have reined in spending on home goods.

On Friday, the bedding and home furnishings chain filed for Chapter 11 bankruptcy protection in Delaware -- just two weeks after its vendors required "cash before delivery" payment and three weeks after the company hired Financo to look for a buyer.

Linens 'n Things will ask the bankruptcy court to let it close 120 of its 589 stores, including five of its 20 Georgia stores. The stores will close over the next few months, a spokeswoman said.

[...]

Linens 'n Things blamed the current bad economy, but signs of trouble began when it was taken private by three investors in 2006. Saddled by debt from the $1.3 billion transaction, Linens 'n Things never caught up to rival Bed Bath & Beyond in terms of sales per square foot.