TERRE HAUTE — Amid difficult economic times, another local business is closing its doors.
Linens-n-Things, the home furnishings specialty retailer at Honey Creek Commons on U.S. 41 south of Terre Haute, is closing all its stores in the United States and Canada after filing for Chapter 11 bankruptcy protection.
Workers placed a large banner announcing a “going out of business sale” over the doors of Terre Haute’s Linens-n-Things on Monday.
“I feel like it could be the economy,” said Susie Dix of Robinson, Ill., when asked why she believed Linens-n-Things might be closing its doors. Dix, who was shopping with her husband, Jim, said she enjoys shopping at Linens-n-Things but believes similar merchandise might be available at lower prices at Walmart or other discount stores.
In tough economic times, people are trying to save money where they can, Dix said.
It was not clear Monday when the Terre Haute Linens-n-Things would be closing; however, an official with Inland Real Estate Corp., the company that owns the 20-acre Honey Creek Commons shopping complex, said the home furnishings retailer should complete its liquidation by the end of the year.
Linens-n-Things interim CEO Michael Gries said the slowing economy, the downturn in the real estate market and reductions in consumer spending contributed to the decision to sell off completely the company’s assets to satisfy creditors. Gries also pointed to “frozen credit markets” in explaining the company’s decision.
Despite the glum economic news, Inland Real Estate Corp. appeared optimistic about finding replacement tenants for the Linens-n-Things retail space on Terre Haute’s south side.
“The retail leasing environment is very difficult right now,” said Inland Real Estate Corp. president of property management Scott Carr, in a media statement issued Monday. “However, we are in discussions with replacement tenants, and while we do not have any new lease signed at this point, we are encouraged by the level of interest expressed by some appealing replacement retailers,” he said.
Other businesses at the 20-acre Honey Creek Commons shopping center, which opened in 2005, include T.J. Maxx, Kohl’s, Rue 21, David’s Bridal, Dress Barn, Subway, Cold Stone Creamery, Fifth Third Bank and Panera Bread.
“Honey Creek [Commons], being a new development with desirable co-tenants in an established trade area, should prove an attractive opportunity to other mid-box retailers,” Carr said.
Signs just inside the Terre Haute Linens-n-Things state that all sales at the store are final. Signs also inform shoppers that the company is no longer accepting checks, coupons, Linens-n-Things credit cards or company reward certificates.
Other signs throughout the Terre Haute Linens-n-Things indicated many items marked between 10 and 30 percent off. According to the company’s Web site, there are eight Linens-n-Things in Indiana.
Several shoppers entering the store Monday seemed surprised the company was going out of business but said they would be looking for bargains in the coming weeks.
“I will be coming back to take advantage of the sales, definitely,” said Sarah Reed, a Terre Haute resident making a quick stop at the store Monday.
L.A. Weight Loss, another business at Honey Creek Commons, closed recently. Boston’s, the Gourmet Pizza, a restaurant at the shopping center, closed in October 2007.
A sign at Linens-n-Things states the store will be closed on Thursday for an inventory. It will reopen at 10 a.m. Friday, the sign said. As of last month, Linens-n-Things, which had sales of $2.8 billion last year, operated 411 stores in the United States
and Canada.
Honey Creek Commons, a $20 million project built by Terre Haute developer Thompson Thrift, opened in 2005. Thompson Thrift sold the property to Inland Real Estate of Oak Brook, Ill., in March 2006.
Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.
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Linens-n-Things folding
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