Linens 'n Things

Linens 'n Things' 2008 liquidation closed 371 stores after private equity ownership loaded debt the company couldn't service. Apollo Management bought the home goods retailer in 2006 for $1.3 billion, financing the deal with debt secured by Linens 'n Things' assets. Competition from Bed Bath & Beyond and Target compressed margins. When the financial crisis hit in 2008, the debt-laden company collapsed. All stores closed; the brand sold to online operator Overstock.com.