Linens 'n Things needs more time to file 10-Q

By Caroline Salls

Pittsburgh, May 13 - Linens Holding Co. said it needs more time to file its first-quarter consolidated financial statements because it is performing an impairment analysis on some of its tangible and intangible assets in connection with its Chapter 11 bankruptcy filing, according to a company news release.

As a result, Linens said it would not file its 10-Q with the Securities and Exchange Commission on Tuesday. The company said it also will not hold a first-quarter investor earnings conference call.

Linens said it plans to finalize its financial statements and file the 10-Q as soon as possible.

According to the release, the company had $566.9 million of total net sales for the quarter ended March 29, an 0.8% decline over the same period of 2007.

Linens said the decrease in net sales resulted from a comparable-store sales decline of 5.7% for the quarter, partially offset by the opening of new stores.

In addition, the company said it ended the quarter with a $349.1 million asset-based revolver balance, excluding $61.8 million in outstanding letters of credit.

The company reported first-quarter cash on hand of $8.3 million and $116.1 million of excess availability under its revolving credit facility.

By the close of business on May 11, Linens said it had more than $100 million of total liquidity.

Linens 'n Things, a Clifton, N.J., home furnishings specialty retailer, filed for bankruptcy on May 2 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-10832.

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