CLIFTON, N.J.–Linens ’n Things has received the support of “many key vendors” for its trade vendor payment program, which provides letters of credit of up to $100 million and was approved by the U.S. Bankruptcy Court for the District of Delaware last month, the retailer said in a statement.
These include big suppliers Springs Global U.S., The Yankee Candle Company, Croscill Home Fashions and M. Block & Sons.
“The trade vendor payment program is critical to maintaining positive relationships with the trade community, as we provide our customers with the wide assortment and depth of quality merchandise they expect from Linens ’n Things,” Michael Gries, chief restructuring officer and interim chief executive officer, said in a statement.
According to an article in The New York Post today, the retailer is hashing out a plan to emerge from Chapter 11 next year.