New York City Linens ’n Things chief restructuring officer Michael Gries on Tuesday asked permission of the bankruptcy court to auction the company’s remaining 371 stores as early as Oct. 14, and begin going-out-of-business sales two days later on Oct. 16.
Bankruptcy Judge Christopher Sontchi scheduled a hearing on the matter for Friday, Oct. 10. The move comes after the chain’s unsuccessful efforts to attract a buyer.
According to a report from the Bloomberg News Service, the Clifton, N.J.-based chain may be advocating a quick liquidation process in the interest of beating other ailing retailers to the punch. Bloomberg cited Gries as telling the court, "We knew there would be other liquidations that were also going to take place," adding that the company would want to position itself appropriately in the current “buyer's market."
The company was purchased and taken private by Apollo Management in 2006. At the time of the acquisition, Linens ’n Things had 542 stores in 47 states in the United States and six provinces in Canada.