Sharper Image to Shutter Remaining Stores
New York City All remaining stores of bankrupt retailer Sharper Image Corp. will be closed and liquidated, according to the Associated Press.
More than $50 million of inventory is being sold at 86 Sharper Image store-closing sales throughout the United States, liquidators the Hilco Organization and Gordon Bros. said in a statement.
A joint venture led by units of Hilco and Gordon Bros. purchased the company's assets at a bankruptcy auction last week for $49 million and plan to continue its wholesale, direct-to-retail, e-commerce and catalog businesses under a new licensing strategy.
The company had filed for bankruptcy protection in February, and put itself up for sale in April, saying a sale was the best route in light of the weak U.S. economy and tight credit market conditions.
Hilco and Gordon Bros. had already led liquidations at 96 of the company's stores since its bankruptcy filing.