The auction for the assets of bankrupt specialty retailer The Sharper Image was completed Friday, with a pair of investment firms, Hilco Consumer Capital Corp and Gordon Brothers Group, coming out on top, Reuters reported. The firms will pay a total of $49 million for the company’s assets, a company lawyer told the news agency. What do you think about the price the assets fetched? Talk about it in the Dealerscope forums.
The Sharper Image
The struggling speciality retailer The Sharper Image, which has been in Chapter 11 bankruptcy since February, announced Wednesday that it is putting itself up for sale, Reuters reported. The company said a sale is the best course of action, due to the weakening economy and credit markets. The news comes just two weeks after Sharper Image’s chairman, Jerry Levin, resigned in order to attempt a purchase of the company. Sharper Image did not specifically name Levin as the likely buyer, but did say it would like to have the sale done by the end of May. Who do you think will buy
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. What do you think about this?
The specialty retailer The Sharper Image, despite unique, quality products, is running into trouble, the financial Web site The Motley Fool reported Friday. The culprit? Heavy competition from Best Buy, Circuit City, and other electronics retail giants, said the Fool’ s Lawrence Rothman, who even predicted the chain may not survive. The company, which recently replaced its executive team, saw revenue drop 25 percent in the last quarter, with high debt. The company, according to the AP, lost $20 million last quarter; its stock saw an 81-cent drop on Tuesday, when the earnings were announced.