Linens 'n Things Assets Sold to Galaxy Brand Holdings
NEW YORK-Gordon Brothers Group, Hilco Global and Infinity Lifestyle Brands have sold the intellectual property assets of Linens 'n Things to Galaxy Brand Holdings for an undisclosed amount.
As a home specialty retailer, Linens 'n Things numbered 571 stores and accounted for $2.7 billion in annual sales before filing for bankruptcy in 2008. In February 2009, Gordon Brothers, Hilco and other partners disposed of the retailer's assets, and the intellectual property was later acquired by Gordon Brothers, Hilco and Infinity as a joint venture. The owners then debuted Linens 'n Things as an online retailer of home goods which it sold directly to consumers at value-oriented prices.
Noting Linens 'n Things "rich history," Abe Hidary, vice president of corporate development for Galaxy Brands, said, "We plan to leverage this heritage to connect with consumers by offering Linens 'n Things-branded products, and by re-establishing the brand as a premier home destination both in store and online."
Jeffrey Hecktman, Hilco's chairman and CEO, said, "This transaction marks another successful turnaround of a valued brand. We are excited for Galaxy to continue the growth the brand has experienced over the past few years and build upon the brand's strong history and resonance with consumers."