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Sharper Image for Sale

By Staff -- Gifts and Dec, 4/24/2008 9:18:00 AM

San Francisco — Troubled luxury gift chain Sharper Image Corp. plans to sell its business and assets. The company, which declared bankruptcy in February, is soliciting potential acquirers for all or part of the company, and hopes to complete a sale by the end of May.

Sharper Image’s CEO, turnaround expert Robert Conway, who joined the company in February, said in a statement, "Given the present retail climate and specialty nature of the company, as well as the limited financing available to the company, a sale of its business and assets at this time will preserve values and yield the best recovery to the company."

Sharper Image joins a spate of gift and home retail chains facing difficulties in the past year, including RedEnvelope, Linens and Things, Pier 1, Restoration Hardware, and Bombay Co.

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