The brand name of specialty retailer Brookstone Inc. will go up for auction with a lead bid from Bluestar Alliance LLC, which recently raised its offer for the third time, WSJ Pro Bankruptcy. Brand-licensing firm Bluestar increased its bid to $56.35 million from $43 million, according to court papers filed on Thursday. The offer includes at least $50.45 million in cash and at least $5.9 million of value “in the form of readily salable inventory.” Bankruptcy Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., approved Bluestar’s offer as the baseline bid in an auction scheduled for Sept. 26. Early last week, Brookstone received a $35 million offer from Authentic Brands Group Inc. for its brand, which included “an express interest” in finding a partner to keep the retail business alive.
