Exhibit 99.1

                 Linens 'n Things Announces Agreement
                    for $28 Per Share Cash Merger

    CLIFTON, N.J.--(BUSINESS WIRE)--Nov. 8, 2005--Linens 'n Things,
Inc. (NYSE: LIN) announced today that it has entered into a definitive
agreement to be acquired by a company newly formed and controlled by
Apollo Management, L.P. on behalf of itself and its managed funds,
together with certain co-investors, including NRDC Real Estate
Advisors I, LLC. Under the terms of the agreement, Linens 'n Things'
stockholders are to receive $28.00 per share in cash.
    The total consideration to be paid to Linens 'n Things
stockholders is approximately $1.3 billion. Apollo has received a
commitment from Bear, Stearns & Co. Inc. and UBS Securities LLC to
provide the debt financing for the transaction.
    Norman Axelrod, Chairman and Chief Executive Officer of Linens 'n
Things, stated, "This transaction with Apollo achieves the completion
of our strategic review process. Apollo is investing in our concept,
our company and our future, which will lead to additional new
opportunities for all our associates and our business partners."
    Peter Copses, a senior partner of Apollo, said, "We are extremely
excited about the prospect of acquiring one of the nation's leading
home goods retailers. We look forward to partnering with the
management team to continue to build a world class retailer focused on
its customers, vendors and employees. Apollo has had tremendous
success investing in retail businesses in the past and we expect
Linens 'n Things to prosper going forward as well."
    Linens 'n Things Board of Directors unanimously approved the
merger transaction. Credit Suisse First Boston LLC and Lehman Brothers
Inc. have acted as the Company's financial advisors. Pitney Hardin LLP
is acting as Linens 'n Things legal counsel. Morgan Lewis & Bockius
LLP is acting as Apollo's legal counsel.
    The parties currently anticipate consummating the merger in the
first or early second quarter of 2006. Upon the closing of the merger,
shares of Linens 'n Things common stock would no longer be listed on
the NYSE. The consummation of the merger is subject to customary
closing conditions including the approval of Linens 'n Things
stockholders, the funding of the contemplated debt financing, the
expiration of antitrust waiting periods, and no material adverse
change in the Company's business.
    The debt financing for the transaction is subject to various
conditions, including Linens 'n Things achieving EBITDA of not less
than $140 million for the full 2005 fiscal year and comparable net
sales of not less than negative 6% for the 2005 fourth quarter, as
well as other customary conditions for a leveraged acquisition
financing. There are many variables which can be expected to impact
satisfaction of these financial and other conditions to the debt
financing and the Company cannot predict these results with certainty
or provide assurance that these conditions will be achieved.
    Linens 'n Things, with 2004 sales of $2.7 billion, is one of the
leading, national large format retailers of home textiles, housewares
and home accessories. As of September 30, 2005 Linens was operating
516 stores in 45 states and five provinces across the United States
and Canada. More information about Linens 'n Things can be found
online at www.lnt.com.
    Apollo is among the most active and successful private investment
firms in the United States. Since its inception in 1990, Apollo has
managed the investment of more than $12 billion in a wide variety of
industries, both domestically and internationally. During its history,
Apollo has made several investments in retail-oriented businesses,
including General Nutrition Centers, Inc., Rent-A-Center, Inc., Ralphs
Grocery Company, Dominick's Supermarkets and Zale Corporation, among
others.
    NRDC Real Estate Advisors I, LLC is a partnership between the
principals of National Realty & Development Corp. and principals of
Apollo Real Estate Advisors. National Realty & Development Corp. are
the owners and developers of over 14 million square feet of shopping
centers throughout the United States.
    The debt financing commitment defines EBITDA as net earnings
before interest, taxes, depreciation and amortization, with other
specified adjustments. Linens 'n Things' EBITDA prior to those
adjustments for the first thirty-nine weeks of 2005, was approximately
$54.5 million on an unaudited basis. Comparable store sales for fiscal
October 2005 were approximately negative 8.4%. Linens 'n Things does
not undertake or plan to update its 2005 fourth quarter results or
expectations until after its 2005 fiscal year is completed. The
Company is currently scheduled to release its 2005 fourth quarter and
full year sales, comparable net sales, EBITDA and earnings in early
February 2006.

    Important Information

    In connection with the transaction, Linens 'n Things intends to
file relevant materials with the Securities and Exchange Commission,
including a proxy statement. BECAUSE THOSE DOCUMENTS WILL CONTAIN
IMPORTANT INFORMATION, HOLDERS OF LINENS 'N THINGS COMMON STOCK ARE
URGED TO READ THEM CAREFULLY, IF AND WHEN THEY BECOME AVAILABLE. When
filed with the SEC, they will be available for free (along with any
other documents and reports filed by Linens 'n Things with the SEC) at
the SEC's website, www.sec.gov, and Linens 'n Things stockholders will
receive information at an appropriate time on how to obtain
transaction-related documents for free from Linens 'n Things. Such
documents are not currently available.

    Participant Information

    Linens 'n Things and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from its
stockholders in connection with the proposed transaction. Certain
information regarding the participants and their interest in the
solicitation is set forth in the proxy statement for Linens 'n Things'
2005 annual meeting of stockholders filed with the SEC on April 8,
2005 and the Form 4s filed by Linens 'n Things directors and executive
officers since April 8, 2005. Stockholders may obtain additional
information regarding the interests of such participants by reading
the proxy statement relating to the proposed transaction when it
becomes available.

    Forward-Looking Information

    The foregoing contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995. The
forward-looking information may be identified by such forward-looking
terminology as "anticipate," "believe," "may" and similar terms or
variations of such terms. Our forward looking statements, including
those relating to consummation of the merger and satisfaction of the
minimum financial conditions to the debt financing and other
conditions to the merger, are based on our current expectations,
assumptions, estimates and projections about our Company and involve
significant risks and uncertainties, including: the Company's negative
selling trends in fiscal 2005 and whether sales will sufficiently
improve to achieve the financial conditions; the Company's ability to
regain prior levels of guest traffic in its stores; a highly
promotional retail environment and aggressive pricing from other
retailers; the success of the holiday selling season, which
traditionally begins in mid-November and historically accounts for a
disproportionate share of 4Q sales and earnings; timing and size of
changes in merchandise sales mix during 4Q toward housewares,
gift-giving and other hard goods merchandise, which have had stronger
sales trends than soft goods; the timing and amount of merchandise
markdowns in the fourth quarter and impact on 4Q gross margin; the
impact on discretionary consumer spending of substantially higher
gasoline and energy costs and higher interest rates; inventory makeup
and in-stock positions in customer preferred merchandise; timing and
amount of vendor allowances to be received by the Company; vendor
support of promotional events and of merchandise markdowns; the
success of new business concepts, seasonal merchandise and new brands,
including the Nate Berkus collection; the performance of new stores;
impact of marketing changes and marketing timing; appropriate opening
price points and other matters affecting value perception for the
Company's merchandise; adverse weather conditions
including the impact which severe or unusual weather may have on guest
traffic or store closings; increase in fourth quarter expenses in
anticipation of planned increased sales, which may or may not be
achieved; the impact of fluctuations in Canadian exchange rates for
the Company's Canadian stores; rising healthcare benefit costs; size
and amount of year-end inventory shrink expense or any other
variations between actual amounts and estimated amounts for the
Company's critical accounting estimates or other significant
accounting estimates; and the Company's difficulty in forecasting its
future sales, earnings and other financial results and the difference
between forecasted results and actual results for prior fiscal
periods.
    If these or other significant risks and uncertainties occur, or if
our estimates or underlying assumptions prove inaccurate, our actual
results could differ materially and the conditions to the consummation
of the merger may not be satisfied. You are urged to consider all such
risks and uncertainties. In light of the uncertainty inherent in such
forward-looking statements, you should not consider their inclusion to
be a representation that such forward-looking matters will be
achieved. The Company assumes no obligation to and does not plan to
update any such forward-looking statements.

    Non-GAAP Information

    EBITDA is used in this release because it is relevant to
investors' understanding of one of the financial conditions to the
debt financing as described in the debt commitment letters referred to
above. EBITDA should not be considered as a measure of financial
performance under accounting principles generally accepted in the
United States. The items excluded from EBITDA are significant
components in understanding and assessing financial performance of a
business enterprise. EBITDA as referred to in this release is further
subject to certain adjustments specific to the debt financing
commitment letters. The Company will file those letters with the
merger agreement on a Current Report on Form 8-K. EBITDA should not be
considered by itself or as an alternative to net income, cash flows
generated by operating, investing or financing activities or other
financial statement data presented in the consolidated financial
statements as an indicator of operating performance or as a measure of
liquidity.



    CONTACT: Linens 'n Things, Inc.
             William T. Giles, 973-815-2929