Bankrupt luxury-gadget dealer Brookstone has agreed to sell its assets to a group of Chinese buyers for more than US$173 milion, Bloomberg reported. A company backed by Chinese retailing conglomerate Sanpower Group and Hong Kong-based private equity firm Sailing Capital outbid a unit of Spencer Spirit Holdings to acquire the US-based company at auction. Unsecured creditors disagreed that the Chinese group’s bid was best, however, as they may close as many at 25 stores. The deal is scheduled to be presented for court approval on 23 June, when the company will also seek approval of its plan to exit bankruptcy protection.
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