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Brookstone Files for Bankruptcy

Spencer’s retail chain is expected to buy Brookstone for about $147 million.

Brookstone. Photo credit: Patch file photo.
Brookstone. Photo credit: Patch file photo.

Brookstone, the mall electronic gadget and gift chain, has filed for Chapter 11 bankruptcy protection and plans to sell the stores to the owner of Spencer’s retail chain for about $147 million.

Brookstone said the Merrimack, NH-based chain has been losing millions and has laid off staff and closed stores. The company estimated that it may owe as many as 5,000 creditors as much as $500 million, reported the New York Times. 

Spencer Spirit owns the gift and gag store Spencer’s and Spirit Halloween stores.

 “The retail industry continues to evolve and staying ahead of the curve is critical,” James M. Speltz, Brookstone’s president and chief executive, said in a statement on Thursday. “A partnership with Spencer Spirit provides us the canvas upon which to sketch our next chapter.”

Read the full New York Times article.

Seamus Carty April 04, 2014 at 06:00 PM
Another victim of the Obama economy.... "Obama lied, the economy died"... Saw that on a bumper sticker today...
Sayona April 04, 2014 at 06:32 PM
Spenser gifts should sell those, make a fortune.
Randomansfield April 04, 2014 at 10:20 PM
Sad story, I got my start at the corporate office back when they were in Nashua. Good company with good people back then. I used to smoke butts in the corner office on weekends when nobody was there and then 'test' the marketing department's massage chair. Ah...the good old days...
Old Pizza April 05, 2014 at 08:58 PM
Never liked Brookstone - nothing but overpriced junky gadgets.
Beth Panashida April 07, 2014 at 07:47 AM
Hey Crusty they sols innovative tools and gadgets not junk I hope they survive!

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