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Shareholders vote 89% in favor of the $1.3 billion buyout deal.Linens ‘n Things (NYSE: LIN) CEO and chairman Norman Axelrod announced his plan to step down as shareholders approved the acquisition of the Clifton-based housewares retailer by Apollo Management.

Axelrod will hand off management of the company upon completion of the acquisition, which is expected to occur by mid-February.

Apollo Management has designated Robert J. DiNicola as chairman and CEO of Linens ‘n Things pending Axelrod’s departure. DiNicola was previously CEO of specialty jewelry retailer Zale.

Some 89% of outstanding shares voted in favor of the $28 per-share buyout offer by New York City private equity group Apollo Management, NRDC Real Estate Advisors in Purchase, N.Y., and other investors. The deal, worth some $1.3 billion, was made last November and will take the retailer private.

Linens ‘n Things, with its 542 stores across the country and in Canada, put itself on the block last September. Company shares added $0.05 to $27.71 in morning trading.