Brookstone sale plan gets court nod
Chinese buyers to pay US$174m, which will be used to pay creditors
Add BT as a preferred source[WILMINGTON] Brookstone Inc, the luxury-gadget retailer, won bankruptcy court approval of its plan to sell the chain to a group of Chinese buyers for about US$174 million which will be used to pay creditors.
US Bankruptcy Judge Brendan Linehan Shannon in Wilmington, Delaware, approved the sale to a company backed by the Chinese conglomerate Sanpower Group and the Hong Kong-based private-equity firm Sailing Capital. The sale is the cornerstone of the retailer's bankruptcy exit plan, also approved on Monday.
Brookstone started in 1965 as a catalogue business offering "hard-to-find tools" before opening its first store in 1973 in Peterborough, New Hampshire, according to its website. Most of its locations in the US and Puerto Rico are in malls.
Share with us your feedback on BT's products and services
