LNT Grants Raises to Execs

Struggling specialty chain Linens 'n Things is using the carrot as much as the stick in its efforts to galvanize management – including raises for three senior executives.

In a Form 8-K SEC filing, LNT said its board of directors has approved higher base salaries for svp, cfo Francis Rowan ($300,000); evp of store operations David Coder ($440,000); and evp merchandising Scott Silver ($410,000 plus a one-time bonus of $5,000).

The directors also granted stock options to the execs: the right to purchase 10,000 shares each to Rowan and Coder, and 5,000 shares to Silver.

Linens 'n Things also reported it had modified "certain compensatory arrangements" with the "principal executive officer" but did not give details in the 8-K. However in its most recent Form 10-K filing, LNT showed that ceo Robert DiNicola, who has a current annual base salary of $1.35 million, received no salary raise in either March 2007 or March 2008.

The same document shows that Rowan's new raise is 9%, Coder's 3.5%, and Silver's 2.5%.

The $2.8 billion retailer reported a fiscal 2007 net loss of $242.1 million, more than twice the $106.5 million loss a year earlier.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • 1200 Suppliers are Ready for You at Intertextile Shanghai

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

See details!