Brookstone, the ubiquitous seller of cool but largely unneeded things, has filed for Chapter 11 bankruptcy protection again and will close the 101 of its stores that are in malls.
The two Brookstone stores in Hawaii, which are at Ala Moana Center and International Market Place, are expected to close within 30 to 60 days, according to employees at those stores.
Malls have suffered for years due to far-reaching shifts in the way that Americans shop for just about everything, which has diminished foot traffic at Brookstone. On Thursday, CEO Piau Phang Foo called the situation in malls “extremely challenging,” and thanked employees who had staffed stores in those locations.
Brookstone will focus solely on its airport locations and online sales.
“The decision to close our mall stores was difficult, but ultimately provides an opportunity to maintain our well-respected brand and award-winning products while operating with a smaller physical footprint,” Foo said in a prepared statement.
The company has 35 stores in airports, which, along with its online and wholesale business, will be attractive to any potential buyer, Foo said.
According to a bankruptcy filing Thursday, Brookstone has assets of $50 million to $100 million and liabilities of $100 million to $500 million. Brookstone first filed for bankruptcy protection in 2014. The Merrimack, N.H., company was sold at auction in June of that year before emerging from bankruptcy protection.
Brookstone Inc. was founded in 1965 when Pierre de Beaumont put an ad in Popular Mechanics Magazine offering hard-to-find tools and other devices, according to the company’s website. Its first store opened in 1973.
ON THE MOVE
Pharmacare Hawaii has announced the following promotions and hire:
>> Walt Kunimitsu has been promoted to director of Pharmacy Operations at Pharmacare Hawaii. Kunimitsu has been with the company for 24 years and previously served as assistant director of Pharmacy Operations since 2013.
>> Karie Terada has been promoted to assistant director of Pharmacy Operations. She previously served as the company’s Specialty Pharmacy director. Prior to joining Pharmacare, Terada was a pharmacist at Longs Drug Stores in 2000 before moving over in 2006 to CVS Specialty Pharmacy.
>> Leslie DeJesus has joined the company as a Specialty Services coordinator. DeJesus has 18 years’ experience in the specialty pharmacy business, including being responsible for supervising CVS Specialty Intake in Hawaii.
