Retailer Brookstone Inc. said that it would be bought by the owner of Spencer's retail chain for about $147 million as part of a pre-packaged bankruptcy plan, Reuters reported yesterday. Brookstone, which has been struggling with falling sales as shoppers cut discretionary spending, filed for Chapter 11 protection on Thursday in a U.S. bankruptcy court, along with 10 of its subsidiaries. Spencer Spirit Holdings Inc., which also owns costume retailer Spirit, will be the stalking-horse bidder at Brookstone's auction. Spencer Spirit will receive a $3.7 million break-up fee if it is not selected as the final bidder.
