Brookstone, the chain best known as “that place you go while waiting for your airplane to board,” has filed its second bankruptcy in four years, and it will close all 102 of its mall locations across the US, the company said on Thursday. The remaining 35 airport stores will stay open as it attempts to find a buyer.
Airport stores remain open — for now
In 2014, Brookstone sold to Chinese conglomerate Sanpower for $173 million in a bankruptcy auction, and it has now secured an additional $30 million loan to continue operation during this second sale. Its bankruptcy filing declares debts of up to $500 million and assets between $50 million and $100 million.
“The decision to close our mall stores was difficult,” Brookstone chief executive Piau Phang Foo said in a statement, citing it as an “extremely challenging retail environment.” The company says it will focus on operating in airports and online where revenue is still being generated.
Brookstone adds to a growing list of mall chains that have struggled in the advent of online shopping; according to The Washington Post, Nine West, Claire’s, and Gymboree have also filed for bankruptcy over the past year while Toys R Us has liquidated its entire intellectual assets, including domain names.