Merrimack, N.H. — Brookstone Co. Inc. has filed for bankruptcy and will close its remaining 101 mall locations. The Merrimack, N.H.-based retailer filed for Chapter 11 protection on August 2, 2018, the second time it has done so in the last 5 years. The company first filed for bankruptcy in 2014 and was sold to a Chinese investment group for more than $173 million. The retailer cited the “extremely challenging” retail environment at malls as a factor in its struggles.
Brookstone’s 35 airport stores, along with its e-commerce and wholesale divisions, will continue to operate as the company attempts to find a buyer. Brookstone has secured a $30 million loan to finance operations during the sale. According to a bankruptcy filing, Brookstone had liabilities totaling up to $500 million and assets between $50 million and $100 million.
— David Cohen