Housewares retailer Linens ‘n Things is being acquired by a group of investors led by Apollo Management for about $1.3 billion.
The Clifton, NJ-based retailer went on the block as part of a strategic review process. Sales fell nearly 4% to $629 million for the third quarter ended Oct. 1, and 0.7% to $1.77 billion for 39 weeks ended Oct. 1.
Private-investment firm Apollo and its partner in the purchase, NRDC Real Estate Advisors, will form a new company to run Linens ‘n Things. Apollo’s investments in retail include General Nutrition Centers, Rent-A-Center, Ralphs Grocery Co., Dominick’s Supermarkets and Zale Corp.
The deal is expected to close by early spring 2006. Linens ‘n Things reported 2004 sales of $2.7 billion, with 527 stores in 45 states.
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