Monday, October 20, 2008

Sale in asile 1 .... coming soon..

Back in May I posted a note when Linens' US operation went into bankruptcy and I was hoping the Canadian operation would succeed but unfortunately it appears the Canadian operations is going to close as well. There was talk that Bed, Bath and Beyond were looking at the Canadian operations but I suspect with the slowing economy they are probably pulling back. I don't think this will mean the Charlottetown store will close anytime soon but expect some major Clearance Sales and more likely a possibility that the Charlottetown store will be taken over by a competitor as I understand it was doing quite well. Let's hope that is the case for the staff's sake...
Linens 'n Things files for bankruptcy protection
Sun Oct 19, 2008 2:10pm EDT
NEW YORK (Reuters) - The Canadian subsidiary of Linens 'n Things has filed for bankruptcy protection in Canada, the retailer said in a statement on Sunday.
It said Linens 'n Things Canada Corp (Linens Canada) expects to appear in court in Canada in the coming week to seek approval under the Canadian Bankruptcy and Insolvency Act.
Canadian subsidiaries were not part of the company's voluntary filing for protection under Chapter 11 of the United States Bankruptcy Code on May 2.

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