NEW YORK, Sept. 12, 2018 /PRNewswire/ -- Bluestar Alliance, LLC announced today that the Bankruptcy Court for the District of Delaware has approved Bluestar as the "stalking horse" bidder for Brookstone's auction scheduled for September 26, 2018. Bluestar's stalking horse bid for approximately $56.35 million consists of $50.45 million in cash and at least $5.9 million of value in the form of readily salable inventory. Bluestar's bid also includes an option for Bluestar to select a transaction that would keep up to 50 existing Brookstone stores open, with a penalty of $400,000 payable if Bluestar either does not select this option or selects it and fails to keep at least 30 stores open.
Bluestar's approved stalking horse bid is subject to higher and better offers in the auction to take place on September 26, 2018. The deadline to submit competing bids is September 20, 2018.
"We offered a bid that we believe substantiates the heritage and innovation of the Brookstone brand," stated Joey Gabbay, CEO of Bluestar Alliance, LLC. "We look forward to growing the brand through our financial restructuring and maximize the business with our potential e-commerce, wholesale and retail partners both domestically and internationally to enhance and expand its current footprint."
Bluestar believes that its focus will synergize nicely with Brookstone's brand. "Our key focus categories include wellness, home, travel, entertainment, gifting, new tech and corporate sales, many of which are similar to those of Brookstone," said Ralph Gindi, COO of Bluestar Alliance.
Bluestar plans to grow Brookstone's presence in premium airport locations and wholesale channels through strong customer relationships and will continue to grow a robust e-commerce platform.
Gindi adds, "Bluestar Alliance will continue to put Brookstone's advanced product design and engineering first and foremost to meet the customers demand."
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 which 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.
SOURCE Bluestar Alliance, LLC