Brookstone CEO walks company through bankruptcy, resigns

Specialty retailer Brookstone's CEO and president, James Speltz, has resigned. He will be replaced in the interim by Steve Schwartz, the company's chief merchandising officer.

Speltz left the company, which has about 240 stores in malls and airports, after walking the leadership through Chapter 11 bankruptcy protection in June, around the same time that a bankruptcy court judge approved the sale of the company to a Chinese investor group, Sailing Innovations Inc., for $135.7 million, reported Chain Store Age.

"Jim took on the president and CEO role at a challenging time, helping the company navigate through a difficult period. We are grateful to him for his leadership and contributions," said Piau Phang Foo, chairman of the Brookstone board of directors.

Schwartz was with Brookstone for 15 years, leading the merchandising, product development and marketing teams for the company in the last three years of his tenure.

"We are looking forward to an excellent holiday season, with great new products and some very exciting partnerships to be announced over the next two weeks," Schwartz said. "We are positioned for solid growth in the year ahead." Story