MERRIMACK, N.H., Oct. 02, 2018 (GLOBE NEWSWIRE) -- Brookstone® Company, Inc. today announced that BKST Brand Holdings LLC (a designee of Bluestar Alliance, LLC) and Apex Digital Inc. (together, the “Buyers”), are the winning bidders for its assets at auction. The Buyers’ bid includes cash and assumption of liabilities that Brookstone values at approximately $66 million to $74 million, plus additional value in the form of waivers of approximately $85 million to $126 million of secured and unsecured debt. The Buyers plan to maintain substantially all of Brookstone’s existing airport retail stores and distribution center, as well as an operating team in New Hampshire, continuing Brookstone’s legacy as a long-standing New England based brand. Importantly, in connection with the sale, the Buyers will make bona fide offers of employment to over 300 of Brookstone’s current employees.
“This agreement with Bluestar and Apex affirms the value of Brookstone’s cherished brand,” said CEO Piau Phang Foo. “We look forward to seeing Brookstone succeed for many years to come, and we remain grateful for the support of our dedicated employees and loyal customers.”
The Buyers’ bid surpassed a competing bid submitted at auction by a partnership of ThreeSixty Group and Hudson Group. The sale is anticipated to be completed within the next 10 days and the Buyers will work with the company to determine resource needs going forward.
Under the agreement, Brookstone will provide transitional support services to Apex for up to 90 days.
In addition to the sale to Bluestar and Apex, Brookstone also sold its Merrimack headquarters building at auction for a price of $6.1 million to New Hampshire based real estate developer Brady Sullivan Properties. The sale includes a lease-back period in which Brookstone will continue operations there while a smaller, more appropriate space is identified.
Founded in 1965, Brookstone is a U.S.-based product developer and retailer of wellness, entertainment, and travel products that are fun to discover, smart to use and beautiful in design. Brookstone products are available at its 34 airport retail locations in airports throughout the U.S., online at Brookstone.com and through select premium retailers worldwide.
About Apex Digital Inc.
Founded in California in 1997, Apex Digital Inc. strives to provide the most innovative consumer electronics in the world through our global network of designers, manufacturers and retail partners. The founder and Chairman of Apex, David Ji, was featured as one of the 15 most influential global entrepreneurs by TIME Magazine. In addition to being one of the leading consumer electronic products brands in North America, Apex offers cutting edge products that unlock the digital home experience including televisions, tablets and connected devices. To meet consumers’ evolving needs, Apex is investing in new technologies and companies that support its vision of a digitally connected future.
About Bluestar Alliance, LLC
Founded by Joseph Gabbay and Ralph Gindi in 2006. Bluestar Alliance, LLC owns, manages, and markets a portfolio of consumer brands that span across many tiers of distribution from luxury to mass market with a heavy emphasis on department store retail brands including Tahari, Bebe, Kensie, Catherine Malandrino, Nanette Lepore, Joan Vass, Michael Bastian, English Laundry and Limited Too.
Bluestar Alliance specializes in licensing, branding and marketing consumer brand companies through extensive relationships with leading retailers, brand licensing manufacturers and a network of media and strategic partners.
Bluestar Alliance’s current international and domestic partners offer the opportunity to take a niche brand to a visible worldwide lifestyle brand. Since its inception, the company has acquired select brands with retail sales exceeding $2.5 billion. Bluestar Alliance manages a current portfolio of over 250 licensees and a growing branded retail platform of over 100 stores worldwide throughout North America, Europe, Australia, South America, Asia, Middle East and India.
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