Sharper Image to Close Half Its Stores

[marmar]

from AP, via AOL:



Sharper Image to Close Half Its Stores
Struggling Retailer Files for Chapter 11 Amid Slumping Sales
AP

NEW YORK (Feb. 20) - Struggling electronics and specialty gifts retailer Sharper Image Corp. filed for reorganization under Chapter 11 of the bankruptcy code on Tuesday, a week after it named a crisis-management expert as its new chief executive.

The San Francisco-based company filed in the Bankruptcy Court for the District of Delaware.

Under Chapter 11, a company is given time to restructure its debts and fulfill obligations.

In a statement, Sharper Image said it will continue to conduct business as usual while it develops a reorganization plan. In a separate filing, Chief Financial Officer Rebecca L. Roedell said the company plans to close 90 of its 184 stores as soon as possible after it sells their inventories.

Last week, the company hired Ron Conway, who runs a New York-based management consultancy firm, as its chief executive. The move came less than a year after hiring direct-marketing veteran Steven Lightman as CEO to help stem sinking sales.

The Sharper Image has long faced falling sales, made worse by an increasingly weak retail environment. ......(more)

The complete piece is at: http://money.aol.com/news/articles/_a/sharper-image-to-close-half-its-stores/20080220091909990001

[NightWatcher]

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[DS1]

2. Duh!

First thing to go in a recession is stuff that provides absolutely no value, which 95% of SI's inventory.

[tridim]

3. They should rename the stores "Blunt Image" and start selling medical MJ.

[LeftHander]

4. So Ninties.....technotrash....nt

[spanone]

5. if most of their product wasn't crap, this would not occur.

[Peregrine Took]

6. The era of expensive toys is over.