Brookstone CEO resigns after taking chain through bankruptcy

New York -- Brookstone said its president and CEO, James M. Speltz, has resigned. The specialty retailer appointed Steve Schwartz, the company's chief merchandising officer, to serve as interim president and CEO.



Speltz helped Brookstone emerge from Chapter 11 bankruptcy protection in June. Also in June, a bankruptcy court judge approved its sale to to a consortium of Chinese investors, Sailing Innovation Inc., for $135.7 million.



"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 has been with Brookstone for 15 years, and has led the merchandising, product development and marketing teams at Brookstone for the last three years.



“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."



Brookstone operates 240 stores in malls and airports.