New owner for LNT
Staff Staff -- Home Textiles Today, December 9, 2013
Boston - Galaxy Brand Holdings has acquired the intellectual property for Linens 'N Things from Gordon Brothers Group, Hilco Global and Infinity Lifestyle Brands.
In the official announcement, the parties did not disclose the size of the transaction. A story this morning from the Wall Street Journal cites an anonymous source who values the deal at more than $10 million.
Once Bed Bath & Beyond's chief rival among chain specialty stores, LNT at peak operated 571 stores and generated $2.7 billion of annual sales. The company filed for bankruptcy in 2008, having been saddled with debt during an earlier buy-out by equity firm Apollo Global Management.
In 2009, a group headed by Hilco Global, Gordon Brothers Group and other investors liquidated the store base and e-commerce inventory. The intellectual property was then acquired by a joint venture that included Hilco Global, Gordon Brothers Group and Infinity Lifestyle Brands.
Since then, the business has run as an ecommerce venture at www.lnt.com. The Linens 'N Things brand also appeared on licensed products during Lord & Taylor's brief run at establishing free-standing home stores.
Galaxy Brand Holdings' stable of consumer brands generate more than $700 million in annual retail sales, according to the company. Among its brands are AND1, Avia and Nevados. This past May, The Carlyle Group acquired a majority interest in Galaxy Brand Holdings.
The new ownership plans to develop branded Linens 'N Things products and build the brand profile "as a premier home destination both in-store and online," said Abe Hidary, vp of corporate development at Galaxy Brand Holdings.
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