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Everything Must Go!

I found myself outside a Linens 'n Things store this weekend which is having a "GOING OUT OF BUSINESS SALE!"

These days that doesn't make me think about buying towels. It makes me wonder about who they owe money to, what went wrong with their business.

Helpfully one of the sale signs included this: "By order of the U.S. Bankruptcy court case 08-10832"

I just pulled up the records. They owe places like The Cambridge Towel Corporation. But also Credit Suisse Loan Funding LLC, which I would imagine is the bigger bill.

Back in May, Linens n' Things thought it could come out of bankruptcy but that didn't work out. They're hoping to sell $1 billion worth of merchandise in the liquidation.

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