Things aren’t so sharp at The Sharper Image these days as the company has filed for Chapter 11 Bankruptcy as of last night. The company has suffered three years of losses as well as an ongoing litigation over the usefulness of their Ionic Air Breeze Air Purifier product line. The filing claims that The Sharper Image has assets totaling $251.5 million and debts totaling $199 million as of January 31st of this year. Filing for Chapter 11 gives the company a chance to survive through all of this mess although the company continues to face “increased competition, narrowing margins, litigation, lower consumer and market confidence, tighter credit from suppliers, and poorly performing stores”.

[Check it out]

Technorati Tags: The Sharper Image, Chapter 11, Bankruptcy