Brookstone Eyes Acquisition
Brookstone’s longtime rival, The Sharper Image, did not survive the bankruptcy process a few years ago. Brookstone looks like it will.
The company announced Thursday that it is “working toward an agreement” to be acquired by Spencer Spirit Holdings, the owner of the Spencer Gifts brand, following a pre-negotiated Chapter 11 filing. The company stated that its 240 current retail locations will remain in place.
“Today marks a new chapter in Brookstone’s history,” Jim Speltz, President and Chief Executive Officer, Brookstone, said as part of the announcement.
“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.”