Linens ‘n Things achieves buyout sales target
January 6, 2006,
CLIFTON, N.J. -- Paving the way for the $1.3 billion sale of Linens 'n Things to buyout group Apollo Management, the superstore retailer said sales and operating profits for the fourth quarter of 2005, while weak, still squeaked past the targets set as a condition for financing the deal.
Passing a second test, Linens ‘n Things said that helped by the better than expected sales, operating profits for the all-important Christmas quarter will "well exceed" the $140 million minimum set as a condition for the deal financing.
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