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Friday, Dec 8, 2023

Anna’s Linens Postpones Part of Auction

Anna’s Linens Inc. in Costa Mesa has postponed the auction of its intellectual property, according to documents filed with the U.S. Bankruptcy Court for the Central District of California in Santa Ana.

The new auction, which will include rights to the company’s name, trademarks, copyrights, domain names and customer lists, is planned for Sept. 17.

The household-goods retailer filed for Chapter 11 bankruptcy protection on June 14 after defaulting on an $80 million line of credit from Salus Capital Partners LLC of Needham Heights, Mass.

The store lease takeover auction was conducted as scheduled on Aug. 27 at the Los Angeles office of the retailer’s attorney.

FP Stores Inc. in Gardena emerged as a successful bidder on 41 store leases. The buy included one Orange County location—2120 S. Bristol Street in Santa Ana. FP Stores, better known as Fallas Paredes, is part of National Stores Inc., which has more than 300 locations and sells discounted apparel and school uniforms.

Another bidder identified in the court documents was Decron Properties Corp. in Los Angeles that took over one store lease in Van Nuys.

Anna’s Linens had more than 2,331 employees and 252 retail locations throughout the U.S. and Puerto Rico prior to the bankruptcy filing.

It hired Hilco Merchant Resources LLC in Northbrook, Ill., and Boston-based Gordon Brothers Retail Partners LLC to manage liquidation of all of its merchandise, store furniture, fixtures and equipment.

Anna’s Linens plans to keep 24 staffers across the company, people who are the “most crucial” to “completion of the debtor’s [going-out-of-business] sale and to maximizing the remaining assets,” according to an Employee Retention Plan it filed with the court earlier this month.

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