Linens ‘N Things to Amend Earnings
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Linens ‘n Things Inc. said it would amend its second-quarter earnings results and take a charge of $4 million, or 6 cents a share, in connection with a class-action lawsuit by store managers in California state court over overtime pay.
The household goods retailer said it would amend its earnings to reflect an Aug. 3 “offer of compromise” from the plaintiffs. The Clifton, N.J.-based company denied any liability in the lawsuit and said it would continue to defend itself.
Linens ‘n Things last month posted second-quarter profit of $4.6 million, or 11 cents a share, down 33% from $6.9 million, or 17 cents, a year earlier.
Shares in the company closed up 64 cents at $26.46 on the NYSE.
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