Brookstone filed for bankruptcy and will close its remaining 101 mall stores.
The mall and airport seller, best known for massage chairs, quirky gadgets, and travel luggage, filed for Chapter 11 bankruptcy in federal court on Thursday. It was Brookstone’s second bankruptcy filing in four years.
The company will keep its 35 airport stores and website open and running while it attempts to find a buyer. It has secured a $30 million loan to finance operations during the sale.
Brookstone’s CEO said in a statement that its airport and online businesses were successful, but an “extremely challenging retail environment at malls” forced the company to close its stores there.
Unabated traffic losses at malls have plagued brick-and-mortar sellers. Mall vacancies reached a six-year…