Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
Before the chain’s bankruptcy it was No. 154 in the Internet Retailer Top 500.
Linens ‘N Things, once a major home furnishings brand online and offline that now survives only as an e-commerce site, is getting a new owner.
Hilco Global, Gordon Brothers Group and Infinity Group have sold the brand assets of Linens ‘N Things to Galaxy Brand Holdings after about five years of ownership. The sale includes LNT.com, the e-commerce site of the former chain retailer of home goods and home décor. The parties did not disclose the terms of the sale.
Hilco and the others purchased Linens ‘N Things in February 2009 after the retail chain declared bankruptcy in 2008. They relaunched LNT.com in spring 2009 and the brand has existed as a web-only retailer since.
Galaxy Brand Holdings is a brand development company majority-owned since May by private equity and asset management firm The Carlyle Group. Galaxy’s other brand holdings include shoe brands Avia and Nevados.
“We plan to leverage [Linens ‘N Things’] heritage to connect with consumers by offering Linens ‘N Things branded products, and by re-establishing the brand as a premier home destination both in-store and online,” says Abe M. Hidary, vice president of corporate development at Galaxy Brand Holdings.
Before its 2008 bankruptcy, Linens ‘N Things was No. 154 in the Internet Retailer Top 500 Guide, with 2007 web sales of $75 million, according to an Internet Retailer estimate.