Yesterday, April 3, 2014, Brookstone filed for Chapter 11 Bankruptcy protection in the Unites States Bankruptcy Court for the District of Delaware.
The company listed debt and assets of as much as $500 million each. According to court documents Brookstone intends to sell the company for $147 million to Spencer Spirit Holdings Inc., parent company of the mall retailers Spencer’s.
Brookstone is a chain of retail stores across the United States, generally found in shopping malls and high-traffic city areas. They sell a wide assortment of products including remote control helicopters, alarm clocks, massage chairs, speakers, iPads accessories, blankets, pillows, and many other lifestyle items.
According to their website, there are currently 12 Brookstone stores in New Jersey. These stores are located in Atlantic City, Bridgewater, Edison, Freehold, Hackensack, Jersey City, Newark, Paramus, Princeton, Rockaway, Short Hills, and Wayne.
Brookstone plans to borrow $96.3 million to fund operations during the bankruptcy process. The company intends to keep all of its locations up and running with their current managers and employees.