The Sharper Image (NASDAQ: SHRP) is beyond looking like "The Duller Image." If this was turned into a western movie, it might be called "The Good, The Bad, and the Fugly." The ailing retailer has now filed for Chapter 11 bankruptcy protection.
Since 2004, sales have continually declined, with sales down by 26% last fiscal year. Last week, the company hired Ron Conway, an expert in crisis management. Following the sale of inventories, the company stated that it will close 90 of its 184 stores. We have previously noted that this one became such a disaster that they might want to consider shutting the stores. Unfortunately there looks like very little is left.
Even a year ago this one we noted at $9.75 as not being able to recover from its own image. We have noted this one as a company likely to disappear in our weekly "10 Stocks Under $10" newsletter. Shares are down 60% in early trading down to $0.56. Its 52-week trading range had been $1.41 to $14.16.
As a reminder, its Chairman Jerry Levin has also filed for a SPAC IPO of JWL Partners. We can’t say yes/no on most pending SPAC’s since they have no operations, but Sharper Image hasn’t exactly been one of his greatest resume building companies.
Jon C. Ogg
February 20, 2008
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