Linens 'n Things
With our current financial situation it's no suprise that so many businesses are closing stores down across the nation, and some are closing down completely. The store Linen 'n Things is no exception. It was considered the second largest specialty retailer of home textiles, housewares and home accessories in North America. After the company declared bankruptcy, they eneded up closing down all stores at the end of 2008, closing a total of 371 stores across the United States. They also closed all their stores in Canada.
The main issue on why the store closed was of course the bankruptcy, and the fact that they could not find a buyer to take over the locations because they had already closed so many. It had a stiff competitor, Bed, Bath & Beyond, who will now be earning up to 18%
I personally think that the store closed because of the recession we are going though, of course. Many people are struggling to buy everyday items, much less buy new sheets for their beds, new dishes or other housewares. Accessories always suffer when people are having a hard time paying for their basic needs and the main things they were accustomed to buying. They will buy less and less of things that they don't absolutely have to have.
http://www.biztimes.com/daily/2008/10/8/linens-n-things-plans-to-go-out-of-business
http://www.huffingtonpost.com/2008/05/02/linens-n-things-files-for_n_99867.html
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