Bankrupt specialty retailer Linens ‘N Things said yesterday that it will be auctioned Tuesday, and that an anticipated “stalking horse” bidder is likely to liquidate the company, according to an Associated Press report.
Linens ‘N Things earlier said it would close a store in Avon but keep locations in Castleton, Noblesville and the far south side of Indianapolis.
The company sought Chapter 11 bankruptcy protection in May and reached a reorganization plan in August. Now, though, the weakening economy has prompted the company to put itself up for sale.
Stalking-horse bids come from a potential buyer picked by the company.