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Linens 'n Things
bankruptRetail — Apollo Global Management
Deal Terms
Entry Year2006
Entry EV$1.3B
Entry Multiple9x
Leverage7x
Debt Amount$1.1B
Outcome
Exit Year2008
Risk Metrics
LTV (est.)85%
Debt / EV0.85x
Notes
Apollo $1.3B LBO (2006). $1.1B debt on a home goods retailer competing with Bed Bath & Beyond and Amazon. Filed Chapter 11 May 2008 — less than 2 years after LBO. Liquidated entirely. All 571 stores closed. 17,000 jobs eliminated. Apollo lost its equity. Speed of failure was stunning even by PE retail standards.