Linens 'n Things to hasten store closings: report

(Reuters) - Bankrupt U.S. home furnishings retailer Linens 'n Things sought to speed up closing its remaining 371 stores and begin its going-out-of-business sales to avoid competition from other retail failures, Bloomberg said.

The company asked Bankruptcy Judge Christopher Sontchi for permission to auction its remaining 371 stores and begin going-out-of-business sales two days later, the news agency reported.

Linens could still be saved through a last-minute sale -- the company's preferred outcome -- and two potential suitors were mulling over bidding for and shrinking the chain, Bloomberg said quoting Michael Gries, the company's chief restructuring officer.

Sontchi scheduled a Friday hearing to consider auction procedures, court documents show.

Linens 'n Things could not be immediately reached for comment.

(Reporting by Savio D'Souza in Bangalore; Editing by David Holmes)