US speciality gift and gadgets retailer Brookstone is seeking Chapter 11 bankruptcy protection for a second time. It now plans to close all of its remaining mall stores after sales plummeted. It proposes and hopes, however, to retain its airport store locations.
Like House of Fraser in the UK, Brookstone is owned by Chinese group Sanpower, which acquired it in 2014, and has the same chairman in Frank Slevin. Sanpower reduced its funding support of Brookstone in July.
In a court filing Brookstone’s CFO Greg Tribou said that Sanpower’s decision to “provide limited funding” forced the company into bankruptcy.
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