Liquidation news

Remember Linens ’n Things? The home furnishings chain went bankrupt and liquidated its stock a few months back, resulting in the closing of 589 stores, including a bunch locally. Well, two firms have purchased the name, Internet domain and other intellectual property for $1 million. The plan is to resume an online shopping site at www.lnt.com. No brick and mortar stores are envisioned, though the new owners say they might consider store-within-a-store partnerships. A committee of Linens ’n Things creditors kept 25 percent ownership of the name and will receive a portion of profits from its use. (National Real Estate Investor)

Meanwhile, the liquidators for Circuit City said all of the chain's stores will close for good by Sunday, a week ahead of schedule. "We're basically running out of inventory," said Scott Carpenter, vice president for Woodland Hills-based Great American Group. Circuit City is guaranteed to receive at least 70 percent of the proceeds from the liquidation sales, but the final figure may exceed that amount, according to an agreement filed with the U.S. Bankruptcy Court. (AP)