DiNicola resigns as president, ceo of LNT, remains chairman
May 2, 2008,
Clifton, N.J. – Robert J. DiNicola has resigned as president and ceo of Linens 'n Things, but will remain as executive chairman, as part of the company's filing this morning for Chapter 11 bankruptcy protection, according to the form 8-K filed by LNT with the Securities and Exchange Commission.
With the Chapter 11 filing, Michael F. Gries, 53, was appointed ceo and chief restructuring officer.
Gries is a co-founder of Conway, Del Genio, Gries & Company, which was hired two weeks ago to provide restructuring management services to LNT.
At the same time, F. David Coder, formerly the evp store operations, was promoted to president and coo of the retailer.
In the same SEC filing, Linens stated that the Chapter 11 petition may trigger a default in its repayment obligations. However, LNT said it believes efforts to enforce those obligations will be stayed as a result of the bankruptcy filing.
Among the affected debt is $650 million of senior secured floating rate notes with a due date of 2014.