Linens 'n Things Files for Bankruptcy

Bedding and home furnishing retailer Linens 'n Things on Friday filed for Chapter ll bankruptcy protection in a Delaware court. The company named Michael Gries of the restructuring firm Conway Del Genio Gries & Co. as chief restructuring officer and interim chief executive. Current chief executive Robert DiNicola will become executive chairman. It also said it will close 120 stores, almost a quarter of them in California. It seems you hear of store closing every week and hundreds of people losing their jobs and at a time like this when gas is high and groceries are going up. It is really bad.