Brookstone gets bankruptcy financing
Published on Apr 6, 2014 7:43 PM
Wilmington, Delaware - Brookstone Inc, the retailer of luxury gadgets including US$4,600 (S$5,800) massage chairs, won bankruptcy court approval of a financing package to help fund operations and pay off some debt as it pursues a sale.
Brookstone filed for bankruptcy April 3 with a deal to sell its assets to Spencer Spirit Holdings Inc.
The chain has struggled to adapt to an evolving retail landscape where online competitors dominate and consumers are cutting back on non- essentials.
US bankruptcy Judge Kevin Carey last Friday granted the company interim approval to borrow about US$91.3 million of US$96.3 million in financing being provided by some of its noteholders.
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