Merrimack, N.H. — Brookstone Co. Inc. has filed for bankruptcy and will close its remaining 101 mall locations.
The Merrimack-based retailer filed for Chapter 11 protection on Thursday, Aug 2., the second time it has done so in the last five years. The company first filed for bankruptcy in 2014 and was sold to a Chinese investment group for more than $173 million.
The retailer cited the “extremely challenging” retail environment at malls as a factor in its struggles.
Brookstone’s 35 airport stores, along with its e-commerce and wholesale divisions, will continue to operate as the company attempts to find a buyer.
“The decision to close our mall stores was difficult, but ultimately provides an opportunity to maintain our well-respected brand and award-winning products while operating with a smaller physical footprint,” said Brookstone CEO Piau Phang Foo in a statement.
Brookstone has secured a $30 million loan to finance operations during the sale. According to a bankruptcy filing, Brookstone had liabilities totaling up to $500 million and assets between $50 million and $100 million.