Brookstone Wins Court Approval of Sale to Chinese Buyers
Brookstone, the luxury-gadget retailer, won bankruptcy court approval of its plan to sell the chain to a group of Chinese buyers for about $174 million that will be used to pay creditors. U.S. Bankruptcy Judge Brendan Linehan Shannon yesterday in Wilmington, Delaware, approved the sale to a company backed by the Chinese conglomerate Sanpower Group and the Hong Kong-based private equity firm Sailing Capital. The sale is the cornerstone of the retailer's bankruptcy exit plan, also approved today. "Today marks a new chapter in Brookstone's history," CEO Jim Speltz said in an emailed statement.