Princeton Brookstone Among 101 Stores Closing, Company Says

PRINCETON, NJ — Brookstone has filed for Chapter 11 bankruptcy protection and plans to close all of its remaining mall locations, including Princeton. The company, facing declining foot traffic and sales, announced Thursday it is hiring liquidators to close its roughly 100 remaining mall locations. It hopes to keep open its 35 remaining airport stores.

“Today we have taken several important steps to restructure the business and ensure that Brookstone will be well-positioned to succeed for years to come,” said CEO Piau Phang Foo.

He said the decision to close its mall stores was “difficult,” but framed it as an opportunity to “maintain our well-respected brand and award-winning products,” while operating with a smaller physical footprint.

The store at Princeton MarketFair, 3535 Route 1, Space 428, is in West Windsor, but has a Princeton address.

The company said it is seeking a buyer and announced in a tweet Thursday that the closures would happen in the “coming weeks.”

“However, our website and airport stores are open for business! We will continue to provide you with the products you love. Thank you for your loyalty over the years,” the tweet said.

USA Today reported that this is the second bankruptcy filing for the company, which was founded in 1965 and sells a variety of niche tech items including neck and back massagers, wireless bluetooth speakers and even small drones. It also filed for bankruptcy in 2014 before being sold to a Chinese owner.

Brookstone, headquartered in Merrimack, New Hampshire, said it was faced with an extremely challenging retail environment at malls, but looks forward to its internet and airport future.

“Our airport, e-commerce and wholesale business divisions are operating successfully and should prove attractive to a buyer with the financial resources and vision to carry our company into the future,” said Foo.

The company said it has secured access to about $30 million in post-petition financing to support operations during the sale and restructure.

Patch reporter Daniel Hampton contributed to this story

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