Sharper Image files for bankruptcy
NEW YORK (AP) - February 21, 2008 In filing for reorganization under Chapter 11 of the bankruptcy
code, the chief financial officer for the specialty retailer says
the company is in a "severe liquidity crisis."
In Tuesday's filing with the U.S. Bankruptcy Court for the
District of Delaware, Sharper Image says has experienced declining
sales since 2004 and recorded net losses in fiscal 2005 to 2007.
The company says it will close 90 of its 184 stores as soon as
possible after it sells their inventories.
Word of the bankruptcy has sent shares of Sharper Image down to
just pennies a share.
Sharper Image stock was trading at 41 cents, a drop of more than
70 percent.
