Linens 'N Things brand being sold to Galaxy Brand
The Linens 'N Things brand has been sold to Galaxy Brand Holdings for an undisclosed amount, the companies involved said Monday.
Linens 'N Things operated 571 home goods stores and generated $2.7 billion in annual revenue before the recession and heavy debt loads led the retailer to file for bankruptcy in 2008.
Investment firms Hilco Consumer Capital and Gordon Brothers Brands acquired the brand in 2009, and it was re-launched as an online retailer of home goods.
Galaxy Brand Holdings, a New York-based holding company of several consumer brands such as shoe maker Avia, is largely owned by private equity firm The Carlyle Group.
The company said it plans to re-establish the brand as a premier home destination both in-store and online shopping.