CLIFTON, NJ- Apollo Management and NRDC Real Estate Advisors have closed on their $1.3-billion acquisition of Linens 'n Things. LNT will now be privately-owned.
The locally-based retailer put itself up for sale last year, after a 10.1% drop in same store sales. The acquisition was initially approved by stockholders last November. Under the terms of the agreement, Linens 'n Things' stockholders are to receive $28 per share in cash. Last year, sales for the chain were $2.7 billion.
NRDC is an affiliate of National Realty & Development Corp. based in Purchase, NY. It has 14 million sf of retail investments in chains such as AMC Theaters, Rent-A-Center and Zale Corp.
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