Brookstone, Quirky Specialty Gift Retailer, Seeks Bankruptcy
- It’s the second Chapter 11 filing for the chain since 2014
- Mall stores will be shut to concentrate on airport sales
Photographer: Craig Warga/Bloomberg
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Brookstone Inc., whose quirky products are a staple of airport shopping, filed for bankruptcy protection with a plan to rid the company of burdensome leases and inventory by getting out of malls.
The Chapter 11 petition lists assets of $50 million to $100 million and liabilities of $100 million to $500 million, according to court documents filed Thursday in Wilmington, Delaware. Brookstone will seek approval for up to $30 million in debtor-in-possession financing from Wells Fargo Bank NA and Gordon Brothers Finance Co., according to court papers.