A company backed by China Sanpower Group and Sailing Capital International has bought the American bankrupt retail giant Brookstone for over $173 million.
Brookstone is a retailer of travel goods, massage chairs, and other novelty items. The New Hampshire-based retailer struggled to fend off online competitors and buck the trend of consumer cutbacks. It filed for bankruptcy on April 3 with a deal to sell its assets to Spencer for about $146.3 million.
However, in a 13-hour auction, Sanpower and Sailing emerged as the winner, outbidding Spencer.
Sailing said they’ll continue operating Brookstone as a standalone company. They also plan to expand its presence to China and the UK.
Earlier this year, Sanpower also bought British retailer House of Fraser for $745 million.