Anna's Linens begins liquidation sales

Anna's Linens has hiredHilco Merchant Resources and Gordon Brothers Group to begin going-out-of-business sales at allretail locations.

The joint venture partners were awarded the store closing process by a U.S. bankruptcy court on June 18.

The sale will entail the total liquidation of all merchandise, much of which has been re-stocked within the past week. Store furniture, fixtures, and equipment will also be available for sale.

"These store closing sales feature an outstanding assortment of merchandise at very significant price reductions," a spokesperson for the joint venture stated. "Consumers are encouraged to shop early while the selection is best."

Anna's Linens currently operates 252 retail locations throughout the United States and Puerto Rico.Anna’s Linens filed for bankruptcy in 1993 and emerged from the process in 1994. In its current filing, the company said it had up to $500 million in liabilities and up to $100 million in assets.

Unsecured claims include $3.9 million owed to Welcome Industrial in Deer Park, N.Y; $3.6 million to Shewak Lajwanti Home Fashions Inc. in Vernon; and $3.1 million to S. Lichtenberg and Co. in New York. Anna’s Linens generates more than $300 million in annual revenue, according to court documents.

Founder and Chairman Alan Gladstone started the company in 1987. Eight stores—San Francisco, San Ysidro, Dallas, Houston, Decatur, Ga., Stone Mountain, Ga., Langley Park, Md. and Rock Hill, S.C.—are set to close this month.