Hey. Finally some good news! It's all relative. It's a sign of the times that the fact that a retailer is closing "only" 57 stores is reason to celebrate.
Linens 'n Things is going to close fewer stores than they had previously projected.
Bankrupt retailer Linens 'n Things on Monday offered a sign that business may be improving slightly, saying it will close fewer stores than originally anticipated.
The home furnishings and bedding retailer, which filed for bankruptcy in May, said it will close 57 stores in the latest part of its restructuring, down from 87 as planned. When combined with the original list of 120 the company announced in May, the company will end up closing a total of 177 stores.
Michael F. Gries, the company's interim chief executive, attributed the decline in store closings to an improved outlook for these stores this year and 2009.
"While a very difficult decision, the stores that are closing are necessary, given the current retail and economic climate and the need to drive the cost savings and operational efficiencies that will allow us to position Linens 'n Things for long-term growth," Gries said in a statement.