The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Gordon Brothers Brands, recent buyer of The Sharper Image brand, and Hilco Consumer Capital have purchased the intellectual property assets of Linens ‘N Things. The new iteration is to relaunch later this year as a global licensed brand.
Gordon Brothers Brands LLC, recent buyer of The Sharper Image brand, and Hilco Consumer Capital L.P. have purchased the intellectual property assets of Linens ‘N Things. The new iteration is to relaunch under new leadership later this year as a global licensed brand. Terms were not disclosed.
The purchase includes the Linens ‘N Things brand name, its bridal and gift registry businesses, all Internet domains and several proprietary brands, such as Luxe Versailles, Attitude, Super Set, Cook at Home and Hotel Living.
Similar to other acquisitions by Gordon Brothers and Hilco, including Bombay Brands, Linens ‘N Things will relaunch under new management later this year as a licensed brand. The new strategy is expected to include direct-to-retail licensing, wholesale licensing by category and geography, and e-commerce.
GSI Commerce Inc. is operating LNT.com for Hilco. GSI declined to comment on the future of that relationship.
The purchase’s goal is to enable Linens ‘N Things to “branch outside the confines of a single retail chain and onto the shelves of leading retailers throughout the world, including Canada where the company ran a highly profitable chain of 40 stores doing over $300 million in annual sales,” the new owners say. The e-commerce platform will feature both the international brands and the Linens ‘N Things private label assortment.
“We are enthusiastic about the broad demographic appeal of Linens ‘N Things and its highly trafficked web site,” says Stephen Miller, a principal at Gordon Brothers. “We believe the licensing program will bring global growth to this premiere home market brand.”
The new ownership team plans to build partnerships with retailers to bring Linens ‘N Things goods “back onto shelves in the very near future,” says Brad Snyder, also a principal at Gordon Brothers. “Customers who have known the brand for decades will be able to find products they trust in retail channels they shop today.”
Linens ‘N Things is No. 154 in the Internet Retailer Top 500 Guide.