Linens 'n Things Inc. (Clifton, N.J.) is seeking Chapter 11 bankruptcy protection. The company's parent, Linens Holding Co., filed a petition in bankruptcy court in Delaware.

The company named Michael Gries of the restructuring firm Conway Del Genio Gries & Co. (New York) as chief restructuring officer and interim ceo. Current ceo Robert DiNicola will become executive chairman. The retailer also said it will close 120 stores, almost a quarter of them in California.

In the filing, Linens 'n Things said it has less than 50 creditors and said funds will be available for distribution to unsecured creditors. It has arranged $700 million in debtor-in-possession financing, mainly from General Electric Capital Corp.

Linens 'n Things, bought by investment firm Apollo Management (Purchase, N.Y.) in 2006, has been struggling with profitability. In March it reported a fiscal 2007 loss of $242.1 million. Last month, it said it was deferring interest payments on about $650 million of debt.