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Sharper Image files Chapter 11 bankruptcy
Sharper Image Corp.,
which operates two stores in the St. Louis area, has filed for Chapter
11 bankruptcy in the U.S. Bankruptcy Court for the District of
Delaware, the company said Wednesday.The San Francisco-based company said in a release it intends to
conduct business as usual while it develops a reorganization plan. It
operates 184 stores, including locations in the St. Louis Galleria and
Chesterfield Mall, in 38 states and Washington, D.C.A Sharper Image spokesman was not available for comment.
Sales at Sharper Image have been falling for several years. The
company began licensing its brand to a variety of other companies,
including one that runs “Zero-G” airplane flights, but the added
revenue from these deals didn’t stem its losses.Last week, the company replaced its CEO with the head of a crisis and turnaround advice firm.
Sharper Image hired Robert Conway to replace Steven Lightman, effective immediately. Conway works for New York-based Conway, Del Genio, Gries & Co., a financial advice company specializing in restructurings, mergers and corporate crises.
Sharper Image is noted for products like air
purifiers, stereo speakers and other electronics, massage chairs and
fitness equipment.
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