August 2 2018

Chain Store with Burlington Mall Location Announces Closings

By: Rich Hosford

A store in the Burlington Mall will soon close its doors.

Brookstone reported on Thursday that it has filed for Chapter 11 bankruptcy and announced that it will close its remaining 101 mall stores. The business plans to keep its 35 airport stores and its website open.

“Today, we announced we’re closing our mall stores in the coming weeks,” Brookstone said in a statement on Twitter. “However, our website and airport stores are open for business! We will continue to provide you with the products you love. Thank you for your loyalty over the years.”

The business, known for its interesting gadgets, drones, travel luggage and massage chairs, first opened in 1973 in Peterborough, New Hampshire. In 2014 the company first filed for bankruptcy and in June of that year the business was purchased by the Chinese investment first Sailing Capital and the conglomerate Sanpower for over $173 million. With the sale the company was able to emerge from bankruptcy the following month.

CNN Money reported on Thursday that Brookstone secured a $30 million loan to finance operations while it looks for a new seller. In the bankruptcy filing the company said it has liabilities totaling up to $500 million and assets only worth only between $50 and $100 million.

CNN Money also reported that while the company’s airport locations and website are profitable, it has suffered in malls. The store has locations in malls that have seen a decline in traffic in the last few years. In higher-end malls it has been faced with high rent.

The Burlington Mall recently saw the closing of Besito’s Mexican Restaurant and earlier this year Uno's also closed its doors. Sears also closed in April though Simon Properties, owner of the Burlington Mall, has recently gained Planning Board approval to make significant renovations to both the first floor of the former Sears location and the former Sears Automotive Center.


 

 
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