Home retailer Linens Holding Co. said on Friday the U.S. Bankruptcy Court for the District of Delaware has approved store closing sales in 120 of it's over 500 stores across the country.
Over $275 million in inventory from famous makers will be liquidated. SB Capital Group, LLC and Tiger Capital Group LLC were appointed exclusive agents to conduct the inventory liquidation, the company said in a statement.
Linens on May 2 filed for Chapter 11 bankruptcy, hurt by the credit crunch and a sagging housing market. The home goods retailer plans to liquidate more than $275 million in inventory.
The company plans to close six of its 14 stores in Ohio as part of a move to shutter 120 shops nationwide.