toggle

AAPL Stock: 121.3 ( -1.07 )

Printed from http://www.macnn.com

Sharper Image files for bankruptcy protection

updated 01:20 pm EST, Wed February 20, 2008

Sharper Image bankrupt

Gadget vendor Sharper Image has filed for Chapter 11 bankruptcy protection, writes the Wall Street Journal. Most famous for selling products through unique retail stores and TV advertising, its assets are said to have dwindled to $251.5 million, while debts have reached $199 million. The California-based company is blaming a variety of factors, including increased competition, diminishing margins, and poor credit. It is also facing a lawsuit over its air purifiers, which have typically been a signature product with high margins.

To survive its present state, the company is arranging for a $60 million loan from Wells Fargo which (if granted) should let it continue operations. The company is also planning to close 90 of its 184 stores in the US, as soon these outlets have liquidated their inventory. It is not known how many people will lose their jobs as a result.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

HP 14-x030nr 14-inch Chromebook

If you're like us, chances are you've come to realize that you need the ability to access the Internet on the go. Also, you've prob ...

15-inch MacBook Pro with Force Touch

Apple's 15-inch Retina MacBook Pro continues to be a popular notebook with professional users and prosumers looking for the ultimate ...

Typo keyboard for iPad

Following numerous legal shenanigans between Typo -- a company founded in part by Ryan Seacrest -- and the clear object of his physica ...

toggle

Most Commented