Anna’s Linens Inc. in Costa Mesa filed for Chapter 11 bankruptcy protection on June 14 in the U.S. Bankruptcy Court, Central District of California. The home goods retailer is also negotiating a sale with DW Partners LP in New York.
The asset management firm would become “the stalking horse” bidder and make the initial offer in a bankruptcy auction sale.
Anna’s Linens also hired Hilco Merchant Resources LLC in Northbrook, Ill., and Gordon Brothers Retail Partners LLC in Boston to manage “store closing sales” should the deal with DW Partners fall through.
Anna’s Linens said in its bankruptcy filings that its liabilities range from $100 million to $500 million. It generates more than $300 million in annual revenue, according to court documents.
Founder and Chairman Alan Gladstone started the company in 1987 and has overseen its growth to about 2,500 employees and 261 stores in 19 states and Puerto Rico.
