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Brookstone expected to file for bankruptcy

Merrimack, N.H. -- Specialty retailer Brookstone, plagued by poor sales and debt, is readying to file for bankruptcy protection in the next few days, according to a report in the Wall Street Journal.

The retailer, which sells a broad array of consumer goods from personal massagers to performance bedding, is likely to be acquired by another specialty retailer, Spencer Spirit Holdings.

Spencer Spirit Holdings, based in Egg Harbor Township, N.J., owns Spencer's, a specialty chain that sells clothes and accessories in mall-based stores, and Spirit, a seasonal Halloween retailer.

Spencer Spirit Holdings is reportedly expected to pay around $120 million for Brookstone, which has about $140 million in debt, according to the Wall Street Journal.