June 1, 2008 / 7:27 PM / 12 years ago

Sharper Image stores to be closed and liquidated

A Sharper Image storefront entrance is seen in New York, May 28, 2008. REUTERS/Shannon Stapleton

NEW YORK (Reuters) - All remaining stores of bankrupt gadget retailer Sharper Image Corp SHRPQ.PK will be closed and liquidated, its new owners said on Sunday.

More than $50 million of inventory is being sold at 86 Sharper Image store-closing sales throughout the United States, liquidators the Hilco Organization and Gordon Brothers said in a statement.

A joint venture led by units of Hilco and Gordon Brothers purchased the company’s assets at a bankruptcy auction last week for $49 million, and plan to continue its wholesale, direct-to-retail, e-commerce and catalog businesses under a new licensing strategy.

The company had filed for bankruptcy protection in February, and put itself up for sale in April, saying a sale was the best route in light of the weak U.S. economy and tight credit market conditions.

Hilco and Gordon Brothers had already led liquidations at 96 of the company’s stores since its bankruptcy filing.

Reporting by Emily Chasan, editing by Maureen Bavdek

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