February 20, 2008
Sharper Image Files Chapter 11
Sharper Image filed chapter 11 in Delaware on Tuesday, February 19. According to news reports, the San Francisco based company has $251 million in assets and $199 million in debt as of January 31. Apparently part of the problem is litigation involving the air purifiers it sells but sales have been falling for the past few years. One source says the company will close about half of its 184 store.
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Any take on the company's ability to emerge out of bankruptcy? Selling grossly overpriced non-essential items seems like a business model that shouldn't have a place in this world.
Posted by: Allan | Feb 20, 2008 11:54:07 AM