Spencer to Acquire Brookstone in Prepack Chapter 11
April 3, 2014,
MERRIMACK, N.H.-Brookstone has reached a stock purchase agreement to be acquired by an affiliate of Spencer Spirit as part of a prepackaged Chapter 11 filing in U.S. Bankruptcy Court for the District of Delaware.
The purchase price is about $147 million. To facilitate the agreement, Brookstone has obtained the support of the holders of its outstanding bonds and debtor-in-possession financing. As the two companies stated when they announced that they were nearing a deal last week, Brookstone will continue to operate its mall and airport stores, catalog, website and wholesale channels under the Brookstone brand. The company's current employees will also remain at their respective locations, and day-to-day operations will continue uninterrupted.