Following a 13-hour auction, China Sanpower Group and Sailing Capital International finally bought the American bankrupt retail giant Brookstone Holdings Corp. for over USD173 million.
News reports quoted the lawyer of Brookstone saying that after the completion of the acquisition, Sanpower Group and Sailing Capital International plan to shut 25 Brookstone stores. No more details are yet available.
The creditors of Brookstone Holdings are currently reportedly discussing this proposal, which promised to pay off the company's USD51 million bank loans and corporate debts.
Founded in 1965, Brookstone Holding specializes in sales of travel goods, massage chairs, and other novelty items. In 2007, the company began to suffer bad sales performance and it started seeking buyers from 2013.
In April 2014, Sanpower Group's Nanjing Cenbest acquired a 89% stake in U.K. department store brand House of Fraser for GBP200 million.