From Home Furnishing Business
Brookstone Files Chapter 11
Specialty retailer Brookstone filed for Chapter 11 bankruptcy protection Thursday.
Brookstone, the struggling retailer known for its consumer gadgets, massage chairs and other home furnishings, filed for Chapter 11 bankruptcy protection yesterday, planning 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 through Sept. 28, compared with a loss of $12 million in the period a year earlier.
Brookstone 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.
Read Entire Story Source: The Columbus Dispatch