Linens 'n Things, which filed for bankruptcy in May, will file a plan as soon as today to reorganize its struggling business, sources told The Post. Under a plan first reported by The Post Aug. 18, the Clifton, NJ-based home-furnishings chain aims to emerge from bankruptcy early next year. If successful, the restructuring will close as much as a third of the stores the retailer operated before going bankrupt. The bid to downsize Linens 'n Things comes as skittish bondholders have threatened the company with liquidation. The company's same-store sales, or sales at stores open at least a year, are down nearly 25 percent month-to-date, according to one source close to the company. That's worse than the 21 percent decline posted for the most recent fiscal quarter. It's also short of a company goal to limit same-store sales declines to 15 percent for the second half of the year, sources said.