Sharper Image Officially For Sale

Sharper Image Corp. announced today it will pursue a sale of its business and assets pursuant to the provisions of the bankruptcy code. The San Francisco-based gifts and gadgets merchant, which had filed for Chapter 11 in February, will solicit indications of interest from potential acquirers.

Company CEO Robert Conway 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." The cataloger/retailer hopes to complete the sale process and seek approval of the sale by the bankruptcy court by the end of May.

Former Sharper Image chairman Jerry Levin, who resigned from the company on April 10, said at the time that he and a group of investors are interested in acquiring some or all of the troubled merchant's assets.