Brookstone says court approves sale to Chinese investors as part of bankruptcy reorganization
Gadget retailer Brookstone said Monday a bankruptcy court judge approved its sale to a group of Chinese investors.
Brookstone said it will be acquired by Sailing Innovation for $135.7 million, not including the company's cash and assumed liabilities. The parties expect the sale to close by early July.
Brookstone Holdings Corp., a staple in malls and airports nationwide, filed for Chapter 11 bankruptcy protection in April. The company had agreed to sell itself to Spencer Spirit Holdings before Sailing Innovation made its bid.
The Merrimack, New Hampshire, company sells items like personal massagers, iPad keyboards and other quirky gadgets in about 240 stores in the U.S. and Puerto Rico and through its website. Its business was hit hard by more pragmatic shoppers during the recession and then by growing online competition.