"It is with profound gratitude after serving as CEO for almost 18 years that I will turn over the reins upon completion of our merger. I am proud and happy to have been part of such an outstanding company. I'm personally humbled by the dedication and loyalty provided me by my fellow associates and I leave confident that Linens 'n Things will continue to experience many more successes in the future," says Norman Axelrod.
When Mr. Axelrod became CEO of Linens 'n Things in April 1988, the Company had 144 stores and annual sales of $183 million. Currently, Linens 'n Things is the second largest specialty retailer of home textiles, housewares and home accessories in North America, operating 542 stores in 47 U.S. states and six Canadian provinces. Linens 'n Things ended its most recent fiscal year with annual sales of $2.7 billion.
Upon completion of the acquisition, Apollo will name Robert J. DiNicola, 58, as Chairman and Chief Executive Officer of Linens 'n Things. Mr. DiNicola is a 34-year veteran executive in the retailing industry and is currently the Executive Chairman of General Nutrition Centers, Inc. Previously, Mr. DiNicola was Chief Executive Officer of Zale Corporation, one of the nation's leading specialty jewelry retailers. Prior to Zale, Mr. DiNicola was the Chief Executive Officer of the Bon Marche division of Federated Department Stores.
Mr. DiNicola stated, "We would like to thank Norman for his tremendous contributions in building Linens 'n Things presence over the past 18 years. Under his leadership, the Company has evolved into a highly regarded brand and has established itself as one of the key players in the home furnishings industry. We wish Norman all the best in his future endeavors." Mr. DiNicola added, "I look forward to working with the entire Team as we take on the challenges that lie ahead for Linens 'n Things. The future is very bright as we build upon the solid foundation in place and take the company to the next level."
Linens 'n Things, with 2005 sales of $2.7 billion, is one of the leading, national large format retailers of home textiles, housewares and home accessories. As of December 31, 2005, the Company was operating 542 stores in 47 states and six provinces across the United States and Canada. More information about Linens 'n Things can be found online at www.lnt.com.
© 2006 Business Wire
