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Financial and business news about home textiles retailers, manufactuers, and suppliers

Chase to pay $3.6 billion for Target receivables
By Staff - 05/06/2008
Minneapolis – Upscale discounter Target will get a big cash injection of $3.6 billion by selling about half of its credit card receivables to JPMorgan Chase, in the type of deal it was encouraged to explore by activist shareholder William Ackman last summer. More

DiNicola resigns as president, ceo of LNT, remains chairman
05/02/2008
Clifton, N.J. – Robert J. DiNicola has resigned as president and ceo of Linens 'n Things, but will remain as executive chairman, as part of the company's filing this morning for Chapter 11 bankruptcy protection, according to the form 8-K filed by LNT with the Securities and Exchange Commission. More
Linens 'n Things files Chapter 11
05/02/2008
Wilmington, Del. – Roughly two weeks after delaying a $16.1 million interest payment, Linens 'n Things this morning filed for Chapter 11 bankruptcy protection. More
Home Depot to slow growth, capital spending
By Staff - 05/01/2008
Atlanta – Home improvement retailer The Home Depot will trim its square-footage growth outlook, in a new plan aimed at upping cash flow. More
Dan River looks to unload equipment
By Staff - 04/23/2008
Wilmington, Del. – Dan River has petitioned the U.S. District Bankruptcy Court here to allow it to rapidly sell off furniture, office equipment and “small amounts” of inventory before expenses such as rent and labor “further erode the liquidation value of these assets.” More
Dan River seeks $32 million in financing
By Staff - 04/22/2008
Wilmington, Del. – Dan River, which filed for Chapter 11 protection in the bankruptcy court here on April 20, said in court filings that it has arranged to borrow as much as $32 million from GMAC Commercial Finance to fund its restructuring. More
Dan River files for Chapter 11
04/21/2008
Danville, Va. – Dan River filed for Chapter 11 bankruptcy protection late yesterday. More
Suppliers committee, advisors recognized by LNT
By Staff - 04/21/2008
Clifton, N.J. – Troubled specialty retailer Linens ’n Things has acknowledged that its major suppliers have formed an ad hoc committee to discuss merchandise delivery arrangements as well as financial issues. More
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