Product development company and multi-channel lifestyle retailer Brookstone is working toward an agreement with Spencer Spirit Holdings to acquire the company and may file for bankruptcy to facilitate the sale.
"Today marks a new chapter in Brookstone's history," said Jim Speltz, president and chief executive officer, Brookstone. "While we have implemented various successful cost-cutting initiatives, the search for a strong strategic partner who shares our vision and passion was a natural progression. We think we have found that in Spencer Spirit and are excited about the opportunity to begin leveraging the resources of the two companies and popularity of the Spencer, Spirit and Brookstone brands."
The company currently operates approximately 240 mall and airport locations.
If the sale to Spencer Spirit goes through, the stores, catalog, website and wholesale channels will continue to operate under the Brookstone brand.
Day-to-day operations of the retailer will continue uninterrupted while the potential Chapter 11 filing and sale negotiations are conducted.
"Brookstone is a well-recognized brand with a long history of selling a unique assortment of innovative consumer products,” says Steven Silverstein, chief executive officer, Spencer Spirit. “We see many similarities between the Spencer Spirit and Brookstone business models and are excited to begin sharing knowledge and building a strong future together."