Date
15 December 2017
US retailer Brookstone has been snapped up by a Chinese group at a bankruptcy auction this week. Photo: Bloomberg
US retailer Brookstone has been snapped up by a Chinese group at a bankruptcy auction this week. Photo: Bloomberg

Chinese group buys bankrupt US specialty retailer Brookstone

Chinese conglomerate Sanpower Group and Hong Kong-based private-equity firm Sailing Capital have teamed up to buy bankrupt US luxury gadget retailer Brookstone Holdings Corp. for more than US$173 million at an auction this week, the Wall Street Journal reported.

It cited an attorney representing Brookstone’s unsecured creditors as saying Tuesday that the Chinese consortium, bidding under the name Sailing Innovation, emerged as the winner from a 13-hour auction held Monday in Boston.

The Sailing Innovation consortium’s bid, which will form the centerpiece of Brookstone’s bankruptcy-exit plan, beat a competing offer from an affiliate of Spencer Spirit Holdings, the report said.

Sanpower has been on an international acquisition spree of late. In April, a group subsidiary bought House of Fraser, a 165-year-old British department-store chain, in a deal that valued the UK firm at US$745 million.

– Contact us at [email protected]

RC

EJI Weekly Newsletter

Please click here to unsubscribe