The Wall Street Journal reported that bankrupt retailer Brookstone received bankruptcy court approval to conduct an auction sale of company ownership. The Journal noted that an affiliate of Spencer Spirit Holdings set the floor price with its $146.3 million offer.
The Journal said the auction is scheduled for June 2. Competing bids are due by May 28 and must be worth at least $250,000 more than Spencer’s offer. The article said further that Internet business operator Blucora is preparing an all-cash bid for Brookstone.
To read the entire WSJ story, click here.
Previously on abfjournal: Brookstone Wins Court Approval for DIP to Pay Off Wells Fargo, April 7, 2014