The $35 million bid will serve as the baseline bid at a future bankruptcy auction where higher offers may be submitted.

The proposal includes an interest in securing a partner to maintain and extend Brookstone’s retail operations.

 “We are pleased that Authentic Brands Group recognizes the core value of our business and has made an offer for the Brookstone brand,” says Piau Phang Foo, chief executive officer, Brookstone. “For now, we are focused on continuing to serve our loyal customers through our airport, e-commerce and wholesale businesses. Brookstone is a beloved, valuable brand, and we are confident that this process will maximize value for all of our stakeholders.”

The Brookstone auction is set to take place Sept. 24.