Linens ’n Things Buy-Out Approved

Clifton, N.J., Linens ’n Things Inc. announced Monday that shareholders approved the offer to be acquired by investment group Apollo Management LP for $1.3 billion.

Pending the completion of the required debt financing, the transaction is expected to close in mid-February.

Linens ’n Things also announced Norman Axelrod, chairman and chief executive, will step down after 18 years with the retailer.