Business

Mall staple Brookstone seeks bankruptcy cover

Posted April 03, 2014 1:01 am

Associated Press

MERRIMACK, N.H. - Brookstone, a staple in malls and airports nationwide, is seeking Chapter 11 bankruptcy protection as part of its $147 million sale to Spencer Spirit Holdings.

The purveyor personal massagers, iPad keyboards and other quirky gadgets, said Thursday that its 240 stores will remain open and business will continue as usual.

The Merrimack, N.H., company announced last week that it would be acquired by Spencer after it had filed for bankruptcy protection.

Brookstone, which was punished by a more pragmatic consumer during the recession and then by growing online completion, has watched sales decline sharply. In its most recent quarter, sales declined by more than 7 percent.

Spencer Spirit, based in Egg Harbor Township, N.J., owns Spencer stores and sells Halloween costumes at its Spirit pop-up stores.

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