GCHL, Welspun: We're not buying LNT
May 16, 2008-- Home Textiles Today,
New York – Executives from GHCL, the Indian industrial conglomerate that is currently liquidating supplier Dan River, and Indian textiles manufacturer Welspun deny either of them is seeking to acquire Linens ’n Things out of bankruptcy – countering a spate of reports from business media outlets in India to that effect.
"This is a rumor only," B.G.K. Nair, general manager of corporate sales and marketing, said this morning from the company’s corporate headquarters in Noida, India. We are not [seeking to acquire] them." Company chairman Sanjay Dalmia was said to be in meetings and could not be reached.
Charles Gaenslen, coo and evp for Welspun USA, said: "It's not true. We are not on the market to buy LNT or any other U.S. retailer."
In the meantime, a bankruptcy court hearing set for noon today in Wilmington, Del., where a series of limited objections was to be heard on LNT's auction procedures, store closing sales and other matters, was postponed until May 20.
The developments come as at least some vendors are preparing to resume deliveries on terms.
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