Remember going into this crazy store when you were young and going all googly-eyed over all the gadgets?
Well hang on to that memory.
Brookstone, the ubiquitous seller of cool but largely unneeded things, has filed for Chapter 11 bankruptcy protection again and will close the 101 of its stores that are located in malls, writes Matthew Rothstein for bisnow.com.
Malls have suffered for years due to far-reaching shifts in the way that Americans shop for just about everything, which has diminished foot traffic at Brookstone.
Brookstone will close all 101 of its stores located in malls, leaving open only the 35 locations it has in airports. The value of its assets is between $50M and $100M, and the company has up to $500M of debt, according to the Daily Mail. Brookstone CEO Piau Phang Foo cited “extreme challenges” in the shopping mall climate, but predicted its airport stores, online and wholesale businesses would have significant value at auction in a statement obtained by the Daily Mail.
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