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Retail watchers barely blinked when Pacific Linen Inc. filed for Chapter 11 bankruptcy protection and announced the closing of eight stores last week.
James Vandeberg, a Seattle attorney specializing in retail law, said, "It's probably a concept that won't come out of Chapter 11 but go straight into 7. There's no reason for Pacific Linen to exist."
Even Ron Stegall, a member of the company's executive committee and now its acting CEO, conceded the bed and bath chain had stacked up consecutive losses from the outset tiny deficits at first, then "fairly large losses last year."
Followers of the company said the Bothell-based retailer was examining exit strategies, including the possibility of being acquired. William Shepard, who just resigned as chief executive of Pacific Linen, …