Brookstone files for bankruptcy and plans to sell itself

Brookstone, the struggling retailer known for its consumer gadgets, massage chairs and other home furnishings, filed for Chapter 11 bankruptcy protection on Thursday, with plans to sell itself to the owner of the Spencer’s retail chain for about $147 million.

Blackstone reportedly lost $18 million in the 13 weeks ended Sept. 28, compared to a loss of $12 million in the same period a year earlier, the New York Times reports.

The purchase agreement with Spencer Spirit stipulates Brookstone will continue to operates its stores in malls and airports, as well as its catalog, website and wholesale business under the Brookstone brand.

Read more from the New York Times.