Brookstone, the gadget store, considers filing for protection

Feb. 13, 2014 at 3:42 PM
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MERRIMACK, N.H., Feb. 13 (UPI) -- U.S. retailer Brookstone Inc., which specializes in top-end gadgetry, said it was considering bankruptcy while negotiating deals to sell the company.

The retail chain is about $200 million in debt, the Wall Street Journal reported Thursday.

While considering a restructuring strategy, it is also talking with Hilco Global and Tiger Capital Group as it looks for a cash infusion or an outright sale, the Journal said.

"In order to ensure Brookstone's successful future, the company is evaluating its options with respect to refinancing and/or restructuring its bond and other debt, and improving its capital structure," the company said in a statement.

"We are in active discussions with our senior lender and an ad hoc group of Brookstone bondholders in regard to our bonds due October 2014, with the goal of coming to an agreement that is amenable to all parties. Importantly, our customers and employees can be assured that Brookstone will continue to operate as we always have," the statement said.

At this point, the company is not considering a liquidation, the Journal reported.

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