LNT’s June: More Losses
By Staff -- Home Textiles Today, 7/29/2008 2:48:00 PM
Wilmington, Del. — Gross margins improved somewhat but losses at bankrupt retailer Linens ’n Things deepened to $56 million in June as the company continued to search for a way out of its financial and operating troubles.
In its second monthly operating report, LNT reported net sales of $135.9 million with a net loss before reorganization items of $26.3 million. Adding the expense of the bankruptcy, the loss more than doubled to $56 million, the retailer reported to the federal bankruptcy court. The cumulative loss, filing to date, was $57.2 million; $87.1 million with reorganization expenses.
The report covers the period from May 25 to June 28.
Gross margins improved somewhat. While the cumulative gross margins since the filing amounts to 41.04%, June saw margins come in 82 basis points above that, at 41.86%
Net cash flow was $115.7 million, a net decrease of $10.3 million in cash.
LNT listed total assets of $1.35 billion against total liabilities of
$1.38 billion. There was negative net shareholders’ equity of $19.1 million, compared to positive shareholders equity of $37.3 million during the first 22 days of the filing.
Unpaid secured postpetition debt was $175.4 million. Total postpetition merchandise payables were $13.2 million, of which $943,254 was up to 30 days past due. Home textiles suppliers, by and large, dominated the list of the largest trade creditors since the bankruptcy filing, May 2.
WestPoint Home was the largest postpetition trade creditor, due about $1.1 million, followed by Springs Industries/Wamsutta, totaling approximately $874,147. Other large post petition trade creditors included: Brentwood Originals, $495,255; S. Lichtenberg & Co., $355,208; and Creative Bath Products, $331,172.
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