NEW YORK, Aug 14 (Reuters) - Bankrupt home furnishings retailer Linens ‘n Things on Thursday received court approval to close an additional 57 stores.
A joint venture between liquidators Hilco Merchant Resources and Gordon Brothers Retail Partners was approved to run the store-closing sales in an order signed on Thursday by U.S. Bankruptcy Judge Mary Walrath in Delaware.
Linens ‘n Things filed for Chapter 11 bankruptcy protection in May, hurt by a slowdown in discretionary spending in the face of higher energy and food prices. The company was bought by Leon Black’s buyout firm Apollo Management in 2006.
On Aug. 12, the retailer of bedding, kitchen equipment and bath supplies said net retail sales sank 21 percent in the second quarter as it closed 120 stores. (Reporting by Emily Chasan and Chelsea Emery; Editing by Gary Hill)