Brookstone’s latest trip through bankruptcy court is over.
On Wednesday, a federal judge in Delaware approved the retailer’s reorganization plan, which includes selling Brookstone’s e-commerce and wholesales businesses, as well as all intellectual property, to a partnership formed by private equity firm Bluestar Alliance and electronics manufacturer Apex Digital. The deal is worth $65 million.
The sale saves about 30 of Brookstone’s airport shops, the company’s web site, wholesale operations and about 300 jobs.
This isn’t Brookstone’s first trip through bankruptcy court. The retailer, which was founded in New Hampshire half a century ago as a mail-order business, first filed for Chapter 11 bankruptcy in 2014. It was later bought by Chinese conglomerate Sanpower for $173 million.
Then in August, again saddled with too much debt, the company filed for bankruptcy and closed 102 retail locations.
An unlikely partnership emerged the following October, when teen retailer Bebe announced it was working with Bluestar to acquire Brookstone, which sold massage chairs, golf accessories, luggage tags, lawn chairs, phone chargers and sound machines, among other gadgets. Bebe, which closed all of its remaining brick-and-mortar stores in 2017, sells women’s apparel and accessories online.
But while the deal seemed unusual, Bluestar manages a variety of defunct retailers, including Tahari and Limited Too.