The geometry of the limit of N=2 minimal models

We consider the limit of two-dimensional N=(2,2) superconformal minimal models when the central charge approaches c=3. Starting from a geometric description as non-linear sigma models, we show that one can obtain two different limit theories. One is the free theory of two bosons and two fermions, the other one is a continuous orbifold thereof. We substantiate this claim by detailed conformal field theory computations.