Natick Mall Brookstone to close as company files for bankruptcy
Photo | File
Brookstone's Natick Mall store will be closing as the company files for Chapter 11 bankruptcy.
The Brookstone store in the Natick Mall will close as the company plans to significantly scale back its retail business as it files for Chapter 11 bankruptcy.
The Merrimack, N.H.-based company known for its massage chairs, electronics and other gadgets will close its remaining 101 mall store locations with mall retail traffic continuing to decline.
In Central Massachusetts, the only remaining Brookstone location is in the Natick Mall. Other stores on tap to close in Massachusetts are at the Burlington Mall and South Shore Mall.
Brookstone’s 35 stores in airports -- including the location in Boston Logan International Airport -- will remain, as will the company’s e-commerce and wholesale business operations, CEO Piau Phang Foo said in a press release.
“Our airport, e-commerce and wholesale business divisions are operating successfully and should prove attractive to a buyer with the financial resources and vision to carry our company into the future,” he said.
The company has secured about $30 million in post-petition financing to support operations during the sale and bankruptcy process via an agreement with Wells Fargo Bank, NA and the Gordon Brothers Finance Co.
According to filings, Brookstone estimated its federal income tax operating losses at $200 million last year, plus a preliminary estimate of $62.4 million this year.
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