Sharper Image Files For Bankruptcy
The speciality electronics retailer The Sharper Image announced Wednesday that it has filed for Chapter 11 bankruptcy protection, and will also close 50 stores, the Wall Street Journal reported.
The petition was filed in U.S. Bankruptcy Court in Wilmington, Del. It attributed the move to increased competition, trouble obtaining credit, and a lawsuit it is facing over allegedly defective air purifiers that it sold. The move comes just a week after the company named Robert Conway as its new CEO.
Among Sharper Image’s biggest creditors include both Garmin and TomTom, as well as United Parcel Service.