Iconic Home Furnishings and Housewares Retail Giant to Pursue Global
NEW YORK, Feb. 6 /CNW/ -- A joint venture led by Hilco Consumer Capital,
L.P. ("HCC") and Gordon Brothers Brands, LLC ("GBB") today announced that it
has acquired the intellectual property assets of Linens 'N Things, a widely
recognized and popular home textiles and housewares brand. The acquisition
includes the established Linens 'N Things brand name, its bridal and gift
registry businesses, all Internet domains, a number of proprietary brands,
including, Luxe Versailles, Attitude, Super Set, Cook at Home and Hotel
Living that contributed significantly to the company's $2.8 billion sales in
2007 from its 25,000 SKU offering.
Similar to other investments of GBB and HCC, such as The Sharper Image
and Bombay Brands, Linens 'N Things will relaunch under new stewardship in
early 2009 as a global licensed brand. The strategy will include a
combination of retail shop-in-shop, direct-to-retail (DTR) licensing,
wholesale licensing by category and geography, as well as e-commerce. This
will enable Linens 'N Things to branch outside the confines of a single retail
chain and onto the shelves of leading retailers throughout the world,
including Canada where the company ran a highly profitable chain of 40 stores
doing over $300 million in annual sales. The e-commerce platform will feature
both the well known international brands as well as the Linens 'N Things
private label assortment.
"Linens 'N Things built an enormous customer following throughout its 34
year history that very few home textiles and housewares brands have achieved,"
said James Salter, CEO of Hilco Consumer Capital. "We're extremely pleased to
partner with Gordon Brothers to reinvigorate a brand that did more than just
sell home products and accessories - it inspired loyal customers to create
unique personal living spaces."
"We are enthusiastic about the broad demographic appeal of Linens 'N
Things and its highly trafficked website, www.lnt.com," said Stephen Miller,
Principal, Gordon Brothers Group. "We believe the licensing program will
bring global growth to this premiere home market brand."
"We're also excited to forge new partnerships with retailers to bring
Linens 'N Things goods back onto shelves in the very near future," added Brad
Snyder, Principal, Gordon Brothers Group. "Customers who have known the brand
for decades will be able to find products they trust in retail channels they
The first Linens 'N Things store opened in 1975 in West Orange, New
Jersey offering high-end linens at discount prices. Since then, an expanding
customer base helped Linens 'N Things grow to become the second largest
specialty retailer of home furnishings and decorative accessories with 589
stores across North America. Linens 'N Things filed for bankruptcy in May of
About Gordon Brothers Brands, LLC:
Gordon Brothers Brands ("GBB") is a member of the Gordon Brothers Group
family of companies. GBB purchases, sells, and licenses brands and other
intellectual property. Current portfolio brands and companies include Rugged
Shark(R), The Sharper Image(R) and Bombay Brands, LLC among others. Founded
in 1903, Gordon Brothers Group (www.GordonBrothers.com) is a global advisory,
restructuring and investment firm specializing in retail and consumer
products, industrial and real estate sectors. Gordon Brothers Group maximizes
value for both healthy and distressed companies by purchasing or selling all
categories of assets, appraising assets, providing debt financing, making
private equity investments, and operating businesses for extended periods.
Gordon Brothers Group conducts over $40 billion in annual transactions and
appraisals in over 15 offices worldwide.
About Hilco Consumer Capital, L.P.
Hilco Consumer Capital ("HCC") (www.hilcocc.com) is a private equity firm
that makes strategic investments in consumer lifestyle brands worldwide. HCC
investments range from $25 million to $250 million. Current portfolio brands
and companies include Caribbean Joe(R), Ellen Tracy, Halston(R), Tommy Armour
Golf(R), RAM Golf(R), Sharper Image, and Bombay Brands, LLC. HCC is a unit of
The Hilco Organization, a Chicago-based, international provider of diversified
financial and operational services, including business asset valuations, asset
acquisition and disposition services, M&A services and retail consulting, with
offices in Toronto, New York, Chicago and London.
For further information:
For further information: Stephanie Martin of HL Group, +1-323-966-4600,
firstname.lastname@example.org; or Brad Snyder, Principal and Managing Director of Gordon
Brothers Group, +1-617-422-6216, email@example.com; or Reyaz A.
Kassamali, Managing Director of Hilco Consumer Capital, +1-416-682-5682,
firstname.lastname@example.org Web Site: http://www.hilcocc.com