Sun Capital Becomes Sharper Image’s Largest Shareholder
Sun Capital has bought 1.49 million shares of Sharper Image Corp., doubling its stake in the troubled company, according to the Associated Press. The buyout firm paid Sharper Image founder and ex-CEO Richard Thalheimer $13.78 million for the shares, making the company Sharper Image’s largest shareholder at 19.8 percent. After news of the SEC filing hit, Sharper Image stock rose 15 percent.
Sharper Image has been in the midst of change this year, naming a new CEO, Steven Lightman, in March and a new CFO, Rebecca Roedell, earlier this month. After peaking in 2004 with $760 million in annual sales, the company has been in decline, with the latest figures showing Q1 2007 sales dropping by 37 percent.
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