Things Are Changing

//February 3, 2006//

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Biz BriefsNorman Axelrod, CEO of Linens Ân Things in Clifton, is stepping down after shareholders approved the acquisition of the housewares retailer by an investor group led by New York CityÂs Apollo Management. Axelrod will hand off management of the company upon completion of the acquisition, which is expected by mid-February.

Apollo Management anointed Robert J. DiNicola as Linens Ân ThingsÂ new CEO pending AxelrodÂs 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 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 Linens Ân Things private.