Brookstone Co. Inc. said Thursday it has filed for bankruptcy, to facilitate the sale of the specialty travel and entertainment products retailer. The company said it has begun a process to close its remaining 101 mall stores, citing continued deterioration of retail mall traffic, while it will continue to operate its airport, e-commerce and wholesale businesses. “Today we have taken several important steps to restructure the business and ensure that Brookstone will be well-positioned to succeed for years to come,” said Chief Executive Piau Phang Foo. The company said it has secured $30 million in post-petition financing to support its operations during the sale and restructuring process. The bankruptcy comes as the SPDR S&P Retail ETF has rallied 20.3% over the past 12 months and the S&P 500 has gained 13.6%.
Read on Market Watch