Brookstone Inc., the specialty retailer known for selling massage chairs, travel gadgets and other novelties at malls and airports, is shopping for bankruptcy financing to fund its business if it files for chapter 11 protection, WSJPro reported. The retail chain is seeking a roughly $50 million to $60 million loan to keep the business afloat, and a chapter 11 filing could happen shortly after it nails down the financing. The situation remains fluid, however, and Brookstone is still exploring its options. A bankruptcy filing isn’t definite, and among its options is closing unprofitable stores. If the retailer does seek bankruptcy protection, it would be its second restructuring in recent years. In 2014, Brookstone filed for bankruptcy protection, and was sold to a Chinese consortium that pledged at the time to keep most of its 240 stores open. Currently, Brookstone has about 100 mall-based stores, and roughly 40 airport locations. While Brookstone is in discussions to liquidate stores, it still plans to keep some open, particularly its airport locations which are still performing well. Currently, Brookstone is in discussions with liquidators to close only the mall-based outlets.
