Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Brookstone files for bankruptcy, set to sell to Spencer’s retail chain
http://www.thenewstribune.com/2014/04/04/3132169/brookstone-files-for-bankruptcy.html?sp=/99/261/Brookstone files for bankruptcy, set to sell to Spencer’s retail chain
By WILLIAM ALDEN
The New York Times
April 4, 2014
Brookstone, the retailer known for its consumer gadgets, massage chairs and other home furnishings, filed for Chapter 11 bankruptcy protection Thursday, with plans to sell itself to the owner of the Spencer’s retail chain for about $147 million.
The filing caps a challenging period for Brookstone, which has laid off workers and closed stores amid a decline in sales. The company, which is privately held, said that it lost $18 million in the 13 weeks ended Sept. 28, compared with a loss of $12 million in the period a year earlier.
Brookstone now hopes that a combination with Spencer Spirit Holdings will provide a path toward profitability. Under the agreement with Spencer Spirit, Brookstone will continue to operate its stores in malls and airports, as well as its catalog, website and wholesale business, under the Brookstone brand.
The agreed purchase price includes $120 million in cash, $7.5 million in new notes and about $18.5 million of assumed liabilities, a spokeswoman for Brookstone said.
