sharper image files for bankruptcy - ionic breeze air purifier

The brave face of putting on a clearer image has collapsed.
The ailing electronics and professional gift retailer has denied rumors of bankruptcy since August.
On Wednesday, it applied for restructuring under Chapter 11 of the bankruptcy law.
Sharper Image shares plunged 71.
Between $ 3% and $41.
03 closed on Wednesday.
Sales of Sharper image have been declining since 2004, but its woes have recently worsened as the dollar has fallen and consumer spending has slowed.
The company said it suffered from increased competition, narrow profit margins, falling consumer and market confidence, tighter supplier credit and poor store performance.
Because of a class, it was also stung by negative propaganda.
A lawsuit filed by consumers claiming that Sharper Image's ion Breeze air purifier did not remove dust, pollen or other particles from advertising. (
See: Clear and clear images
In a document filed with the Delaware bankruptcy court, San Francisco-
The US-based company says it has $251.
As at January, assets amounted to $5 million and debts amounted to $0. 199 billion.
But only $700,000 in cash.
According to Chapter 11, the company has time to restructure the debt and fulfill its obligations.
The news came a week after the company's executive suite Music chair game's latest move: Appointment of crisis management expert Ron Conway, who runs a company in New York
As the chief executive, it is headquartered in the management consulting company, replacing direct-
Steven Letterman, an experienced marketer, joined the company less than a year ago to stop sales from falling.
Letterman replaced Jerry Levin, chairman of Sharper Image, and was temporarily CEO after the company ousted founder Richard taheimer.
Sharper Image did not give a reason for Letterman's departure in a statement announcing Conway's new CEO.
Shares of Sharper Image have fallen by 85.
0% since the appointment of Letterman as CEO in last April.
Lilian Vernon, a directory merchant selling gifts, household goods and children's products, also announced that the company applied for Chapter 11 bankruptcy protection on Wednesday due to declining sales and deteriorating credit market conditions.
Within two weeks prior to Letterman's departure, three of Sharper Image's 11 board members resigned as directors.
Sharper Image said the director's resignation was not due to disagreement over the company's operations or policies.
Meanwhile, the company is seeking $60 million in loans from Wells Fargo Retail Finance.
Rebecca L, chief financial officer, in another document
Rodel said the company plans to close 90 of its 184 stores as soon as possible after selling inventory.
Sharper Image has lost a total of $0. 136 billion since January 2005, while its annual sales have plummeted from $0. 776 billion to less than $0. 4 billion.
In the most recent fiscal year, Sharper Image said its sales fell by 26. 0%.