 |
Prospector
Profile
1221-06
|
| |
| Linens 'n Things, Inc. |
NAICS |
442299 |
| 6 Brighton Road
Clifton, NJ 07012 |
Description |
Textiles Retailer |
| (973) 778-1300 |
Employees |
19000 |
| http://www.lnt.com/ |
Revenue |
(mil) |
2534.3700 |
| |
Income |
(mil) |
-106.5300 |
| |
Assets |
(mil) |
1857.9300 |
| |
Liability |
(mil) |
1313.1900 |
| |
(for the year ended 2006-12-31) |
| |
|
Category:
Low Rating
|
| |
|
Event:
Standard & Poor's Ratings Services lowered its corporate credit rating on Linens 'n Things Inc. to 'CCC+' from 'B-'. At the same time, S&P lowered its issue-level rating on the company's $650 million floating-rate senior secured notes to 'CCC-', two notches below the corporate credit rating, with a '6' recovery rating, indicating our expectation for negligible (0%-10%) recovery in the event of a payment default. The outlook is negative. "The downgrade reflects ongoing weak operating performance, coupled with an increasingly challenging macroeconomic environment," said Standard & Poor's credit analyst David Kuntz. At a time when Clifton, N.J.-based Linens is struggling to turn around its operations, S&P is concerned that the company's liquidity position will continue to deteriorate. "It compares poorly with key competitors and is very highly leveraged, with extremely thin cash flow protection measures," added Mr. Kuntz.
|
| |
|
Intellectual Property:
The Company uses “Linens ‘n Things” and “LNT” as trademarks and as service marks in connection with retail services. The Company has registered the “Linens ‘n Things” and “LNT” marks with both the United States Patent and Trademark Office and the Canadian Intellectual Property Office. [SEC Filing 10-K 03-26-07]
|
| |
|
Description:
Linens 'n Things is a national, large format retailer of home textiles, housewares and home accessories. As of July 1, 2006, Linens 'n Things operated 555 stores in 47 states and six provinces across the United States and Canada.
|
| |
|
Officers:
Robert J. Dinicola (CEO)
|
| |
|
Auditor:
KPMG LLP
|
| |
|
Securities:
13,013,000 common shares outstanding as of July 31, 2007.
|
| |
| |
| |
| return to main page |
|
|
