Well, I'm officially on the job hunt. I found out on October 7th, 4:59pm, that I would be losing my job. Corporate blames poor sales and the economy. The 20,000 employees (who survived the first 120+ store closings) that will be losing their jobs blame Mr. Leon Black and Mr. Bob DiNicola for mismanagement of corporate funds, lack of skill and know-how on running a multi billion dollar company and maintain its profit margins...
I would say more but, frankly, I am tired.
BUT, do me a favor. If you plan to shop a LNT in the next 11 weeks left of their existance, have a little compassion for the employees who are losing their jobs during such a poor economy, not to mention right before the holiday season. The liquidation sale that starts on Saturday is only starting at 10% off the entire store. Most of the inventory will be sold before it hits even 40% off.
I will have little tolerance for guests that come into my building looking to haggle over prices or try to return items bought ALL SALES FINAL. My team and I have worked way to hard, missed way to many family funtions preparing/executing the daily taskloads, preparing for corporate visits...to deal with such behavior. I have had to deal with miscommunications from corporate about this situation for the past year... I am now going to protect the employees who have been so extremely loyal to me. It's unfortunate I have to protect my associates from my guests.
I am lucky. I have a husband that can support our family on his salary. I have many, many friends in this company who will no doubt be hurting over this tragic state of affairs.
I will say this: I have never in my life had the priviledge to work for and with such great people. From the VP's, Regional Staff, DM's, my own peers, and then my own personal staff... I can't say enough great things about my staff. Eden, Jennifer, Melody: you ladies are part of the best team I have ever had the priveledge to manage. I will do everything I can to make sure you find great jobs. I have already started reaching out to my connections to get you placed.
Linens 'N Things to begin liquidation this week
By MAE ANDERSON
AP Business Writer
NEW YORK (AP) -- Specialty retailer Linens 'n Things, which filed for bankruptcy protection in May, plans to begin liquidation sales at its stores as early as Thursday after failing to find a buyer that wanted to operate the company.
"It's a straight going-out-of business liquidation sale," said James Schaye, president and chief executive of Hudson Capital Partners, one of the members of the investment group buying the company's assets. He expects the process for the company's approximately 371 remaining store locations will take about 11 weeks.
Last week, the Linens Holding Co., the parent of Clifton, N.J.-based Linens 'N Things, said it would put itself up for a sale in an auction on Tuesday.
The company agreed to a preliminary "stalking horse" bid from a joint venture between Gordon Brothers Retail Partners LLC, Great American Group LLC, Hilco Merchant Resources LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC for about $475 million for its assets.
A stalking-horse bid is an initial offer on a bankrupt company's assets from an interested buyer chosen by the company. Linens 'N Things planned an auction including the initial bid along with others for its assets on Tuesday, but since it received no other qualified bids, it canceled the auction, according to documents filed late Monday with the U.S. Bankruptcy Court for the District of Delaware.
After facing weak sales and a slumping home furnishings market, Linens 'N Things, based in Clifton, N.J., filed for Chapter 11 bankruptcy protection in May. In August, the company said it reached a plan of reorganization with the bankruptcy court. However, it later decided to auction its assets as conditions in the financial markets worsened.
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4 comments:
Beth, You couldn't have put it any better. This is truly a very sad time for the LNT family nationally and in Canada. I've been with the company nearly 15 years and I miss the "old days", but... These are scarey times. I wish you and all our family the best of luck. (PMS) Pat in Vero Beach, FL
Beth, Once again you say it beautifully. We all have worked our butts off for our store and are now losing the "family" we have grown with and love. I really hope Mr. Black enjoys the fabulous holiday season, while some of us (single moms) will not be able to afford a Christmas for our children.LNT we will miss you!Tabatha GSM in Jupiter Florida
Beth, You are truely a leader. I feel like my family is getting divorced and seperated for no really good reason. I will always remember all of the friends I have made be customers or co workers.
I only see the word GREED from those above i.e. Mr. Black and hope that his family can live with all that has taken place. Mom's and Dad's loosing jobs that need to support families. Who is going to pay next months rent/house payment.
How are we going to explain to our
kids that there is NO Santa this year. I don't think the upper management thought this all the way through to see how many people are really involved in the circle of families.
Greed has certainly played a big part in the closing of LNT.
Somewhere someone should have said
enough is enough, we don't need stores every 10 miles.
We had the internet. Many of the people shopped from there.
Now Mr. Black are you going to share your Christmas bonus (severance pay) with all of those dedicated employees that worked hard for you. Or are you just going to bank it and say I don't owe them anything. Live with that.
Connie - Jupiter associate
I believe in Karma. Karma will get these lousy corporate leaders (I use the word Leader sarcasticly)when they least expect it. Maybe our friends Leon and Bobby will be visited by the Ghosts of Christmas Past and Present this year. Then they can see the harm they have inflicted on two FREAKING COUNTRIES. I thought the only "leaders" that went to bed each night knowing their leadership was devestating the lives of the people they served were our President, our Congress, and the crooks on Wall Street. Didn't think our own Corporate "Management" (again, sarcasm) would stoop as low as CONGRESS.
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