Authentic Brands Group has submitted a proposal to acquire the brand assets of Brookstone and is expected to serve as a stalking horse bidder in the retailer’s Chapter 11 restructuring process. The proposal includes an expressed interest in finding a partner to maintain Brookstone’s retail business.
An auction of the retailer’s assets is scheduled for Sept. 24, 2018. Brookstone filed for Chapter 11 bankruptcy earlier in August, shuttering all 101 mall-based locations as part of the restructuring. The company retained its e-Commerce operations and approximately 35 airport stores.
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“We are pleased that Authentic Brands Group recognizes the core value of our business and has made an offer for the Brookstone brand,” said Piau Phang Foo, CEO of Brookstone in a statement. “For now, we are focused on continuing to serve our loyal customers through our airport, e-Commerce and wholesale businesses. Brookstone is a beloved, valuable brand, and we are confident that this process will maximize value for all of our stakeholders.”
Should the bid prove successful, Brookstone will join Nine West Holdings, which includes the Nine West and Bandolino businesses, in the Authentic Brands portfolio. The brand development company acquired Nine West for $350 million in June 2018 following an unsuccessful $200 million bid.
