A new bidder has emerged for Brookstone — and it sells its massage chairs, drone helicopters and air purifiers with a Canadian accent.
Toronto-based Showcase, a fast-growing chain of nearly 100 gadget stores in Canada, is angling to scoop up Brookstone as the struggling retailer heads toward bankruptcy court, The Post has learned.
The new entrant could heat up an auction for Brookstone that has already attracted Spencer Spirit, a mall-based purveyor of gag gifts and Halloween costumes; Blucora, owner of online electronics seller Monoprice.com; and at least one private-equity firm, sources said.
Now looking to expand beyond Canada, Showcase is eyeing Brookstone’s chain of 240 locations, sources said. The Canada chain’s bid might have an advantage over Spencer, as its merchandise selection is closer to Brookstone’s.
“Spencer’s sells sex toys,” one source noted. “Some of those may share common characteristics with massage products, but it’s probably not something you’d highlight in a PowerPoint presentation.”
Brookstone, which went up for grabs after it missed a debt payment in January, said last week it has approved Spencer as a stalking-horse bidder in a pre-approved bankruptcy agreement with the price set at $120 million.
Until recently, the race for Brookstone appeared sleepy, with lenders led by KKR signaling they might buy the company themselves, insiders said.
But liquidators and licensing outfits that have kicked the tires have since dropped out as Spencer, Blucora and Showcase all appear ready with cash bids to keep the brand alive and running, sources said.
Reached Wednesday, officials at Showcase parent Osiris Inc. declined to comment. A Brookstone spokeswoman wasn’t immediately able to comment.