The joint venture that acquired The Sharper Image last month for $49 million in a bankruptcy auction said it will close the chain's remaining 86 stores and will leverage the brand under a new licensing strategy.
Store-closing sales began June 1 as the new owners try to liquidate over $50 million in remaining inventory, the group said in a statement.
The partners, which include liquidator Gordon Brothers, private equity firms Hilco Consumer Capital and Windsong Brands, and investment group Bluestar Alliance, said they have developed a global licensing strategy for wholesale, direct-to-retail, e-commerce and catalog businesses that will "exploit The Sharper Image's heritage of quality, excitement, innovation and fun."
In a statement, Hilco CEO Jamie Salter said the partners are "proceeding immediately with our plans to partner with world class licensees and retailers to introduce innovative high-quality products that will satisfy both the needs and enjoyment of The Sharper Image customers."
The chain filed for Chapter 11 bankruptcy protection in February and put itself up for sale in April after shutting about half its store base.