Sharper Image Files for Bankruptcy

Sharper Image Corporation has commenced a case under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company will close about half it's stores immediately, 90 locations labeled under-performing, as part of the reorganization plan, the Wall Street Journal reports.

According to a statement, the company says it intends to continue to conduct business as usual while it devotes renewed efforts to resolve its operational and liquidity problems and develops a reorganization plan.

The company, which debuted in 1977, currently has 184 storefronts in the United States. The bankruptcy petition filed by Sharper Image details more than $199 million in debts, and about $250 million in total assets.

For more information, visit www.sharperimage.com.