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gadget giant sharper image goes bankrupt
by：Yovog
2023-05-07
(
Small fortune enterprises)--
More clear image Company (SHRP).
San Francisco-
The gadget retailer, known for its razor scooter and a range of air purifiers, filed for Chapter 11 bankruptcy protection on Tuesday after three consecutive years of net losses.
Shares of the company plunged 72% in the news and ended up closing at $0.
$41 per share, $1 after yesterday\'s close. 44.
Sharper Image has $251.
As at January, assets amounted to $5 million and debts amounted to $0. 199 billion.
31, according to the documents submitted in the United States last nightS.
Bankruptcy Court in Wilmington, Delaware
According to a press release, the company plans to continue its business as usual while developing a restructuring plan.
The company is seeking $60 million in loans from Wells Fargo.
To stay operational, it will close 60 of the country\'s 183 stores.
In addition to the decline in sales, a long-term class
Litigation about the efficacy of the company\'s ion Breeze air purifier has led to the dilemma of plastic images.
\"Their reliance on a product category strategy in a tough consumer environment clearly has a counter-productive effect on them,\" said Joan storm, an analyst at Wedbush Morgan Securities.
She said she was \"not so optimistic\" about the company\'s comeback \".
Ironically, the decline in a clearer image stems from the same decision to help the company grow bigger: its single
Focus on the electronics market.
In the October 2002 issue of Fortune, the founder and then-
CEO Richard Taylor says the specialization of his company is the foundation of its greatness.
\"A lot of people make fun of us,\" he wrote . \".
\"They said, \'The clearer image istrick pony.
They have nothing else.
But this is really a misconception about our business.
\"Thalheimer avoids the idea of franchising and introducing external management, and prefers to run the business he thinks is appropriate.
\"A lot of people tell me, \'Oh, you should find a career manager once you become a public company.
You\'re just an entrepreneur.
You really don\'t know how to run a business.
You should have retired.
I think it\'s a bull market.
If you have the ability to manage it yourself, no one knows more about what needs to be done than the founder, \"he said in 2002 interview.
Thalheimer left a clearer image in Sept.
2006, after a period of decline in sales.
In March 2007, he was replaced by Jerry Levin as interim CEO and gave the position to Steven Letterman.
Sharper Image fired Letterman last week and hired turn-around expert Robert Conway as his new CEO.
A representative of Sharper Image did not respond to calls seeking comment.
Small fortune enterprises)--
More clear image Company (SHRP).
San Francisco-
The gadget retailer, known for its razor scooter and a range of air purifiers, filed for Chapter 11 bankruptcy protection on Tuesday after three consecutive years of net losses.
Shares of the company plunged 72% in the news and ended up closing at $0.
$41 per share, $1 after yesterday\'s close. 44.
Sharper Image has $251.
As at January, assets amounted to $5 million and debts amounted to $0. 199 billion.
31, according to the documents submitted in the United States last nightS.
Bankruptcy Court in Wilmington, Delaware
According to a press release, the company plans to continue its business as usual while developing a restructuring plan.
The company is seeking $60 million in loans from Wells Fargo.
To stay operational, it will close 60 of the country\'s 183 stores.
In addition to the decline in sales, a long-term class
Litigation about the efficacy of the company\'s ion Breeze air purifier has led to the dilemma of plastic images.
\"Their reliance on a product category strategy in a tough consumer environment clearly has a counter-productive effect on them,\" said Joan storm, an analyst at Wedbush Morgan Securities.
She said she was \"not so optimistic\" about the company\'s comeback \".
Ironically, the decline in a clearer image stems from the same decision to help the company grow bigger: its single
Focus on the electronics market.
In the October 2002 issue of Fortune, the founder and then-
CEO Richard Taylor says the specialization of his company is the foundation of its greatness.
\"A lot of people make fun of us,\" he wrote . \".
\"They said, \'The clearer image istrick pony.
They have nothing else.
But this is really a misconception about our business.
\"Thalheimer avoids the idea of franchising and introducing external management, and prefers to run the business he thinks is appropriate.
\"A lot of people tell me, \'Oh, you should find a career manager once you become a public company.
You\'re just an entrepreneur.
You really don\'t know how to run a business.
You should have retired.
I think it\'s a bull market.
If you have the ability to manage it yourself, no one knows more about what needs to be done than the founder, \"he said in 2002 interview.
Thalheimer left a clearer image in Sept.
2006, after a period of decline in sales.
In March 2007, he was replaced by Jerry Levin as interim CEO and gave the position to Steven Letterman.
Sharper Image fired Letterman last week and hired turn-around expert Robert Conway as his new CEO.
A representative of Sharper Image did not respond to calls seeking comment.
