Brookstone, with one Maine store, will close 101 mall stores
Brookstone, a retailer of electronic gadgets and travelers’ goods, will close all 101 of its mall stores as part of its Chapter 11 filing.
The retailer has one Maine location, at the Maine Mall in South Portland.
The New Hampshire Business Review reports that the Merrimack, N.H.-based retailer will keep its 35 airport stores.
It blamed the bankruptcy reorganization on “continued deterioration of traditional retail mall traffic,” the New Hampshire Business Review reported.
Timing of the store closings has not been determined.
The company, which is seeking a buyer, secured $30 million to finance continuing operations. It is seeking time to work with creditors, filing for Chapter 11 protection in U.S. Bankruptcy Court in Delaware.
CNN Money reported that Brookstone has been hampered by the overall decline of regional malls.
“They're trapped in hundreds of these B and C malls, whose traffic has been in serial decline," said Mark Cohen, the director of retail studies at Columbia Business School, told CNN Money. "Where they are in triple-A malls, they're faced with very high rent."
Most Recent
Most Recent
Comments