Bankruptcy

Sharper Image Files Chapter 11 In Delaware

By Scott Riddle

I have never been a Sharper Image shopper, but apparently not as many other people are these days.  The company filed a Chapter 11 petition in Delaware. 

Litigation involving Sharper Image's Ionic Breeze air purifiers resulted in ``negative publicity'' and a decrease in total revenue, according to court papers. The company has lost money in 11 of the past 13 quarters. Sales plunged 11 percent in comparable store sales and 23 percent in total company sales for the month of January versus 2007.

The company plans to close about 90 non-performing stores. Sharper Image said it is currently in negotiations for the sale of the stores and inventory.

Full post as published by Georgia Bankruptcy Blog on February 20, 2008 (boomark / email).