Bloomberg reported that luxury gadget retailer, Brookstone, filed for bankruptcy to pursue a $147 million sale to Spencer Spirit Holdings as the business has struggled to adapt to an evolving retail environment where online competitors rule and consumers cut back on non-essentials.

According to the bankruptcy court documents, Brookstone owes $51.1 million to a group of lenders led by Well Fargo as administrative agent, collateral agent and term loan agent under a senior secured prepetition credit facility that was amended on August 13, 2013.

Novelty retailer, Spencer, would pay $120 million in cash and $7.5 million in new notes and assume about $18.5 million in liabilities.

To read the entire Bloomberg article, click here.