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Sharper Image Files for Chapter 11

by Thomas Houston on February 21, 2008 at 11:08 AM

Sharper Image, a consumer electronics and gadget retailer, has filed for Chapter 11 bankruptcy and plans to close over 90 of its 184 stores nationwide. Founded in 1977 as a mail-order catalog, Sharper Image began building retail stores in the early '80s. Despite its late success with selling products like Ionic Breeze and the Razor Scooter, the company has had to face rapidly declining sales in the midst of a drop in consumer spending and the enormous growth of online retail. AOL Money reports that many of the retailer's problems began to surface when the "high-tech novelty items" lost their appeal.

Makes sense, considering much of the stuff that Sharper Image sells can be had for more reasonable prices at various Internet-only retailers with lower overhead.

If Sharper Image disappears completely, it looks like we'll be turning to SkyMall to order our Stretching Robotic Massage Recliner and Waterproof Action Camera.

From AOL Money & Finance

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Tags: bankruptcy, sharper image, SharperImage

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