An investment group led by Apollo Management L.P. has agreed to pay about $1.3 billion, or $28 per share, for Linens ‘n Things Inc., Apollo said today.
Linens ‘n Things, which had total 2004 sales of $2.7 billion, is No. 101 in the Internet Retailer Top 400 Guide to Retail Web Sites with online sales estimated at $60 million in 2004.
“We look forward to partnering with the management team to continue to build a world class retailer focused on its customers, vendors and employees,” said Apollo senior partner Peter Copses.
Apollo’s other investments in retail companies have included Zale Corp., General Nutrition Centers and Dominick’s Supermarkets.
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