SAN FRANCISCO–The Sharper Image, the troubled multichannel retailer, has begun the search for a buyer for its business and assets.
In a statement released late yesterday, the retailer, which has been in Chapter 11 bankruptcy since February, said it “will pursue establishment of bid procedures and the conduct of an auction as soon as reasonably practicable. It is the company’s intention to complete the sale process and seek approval of the sale by the bankruptcy court by the end of May 2008.”
Robert Conway, Sharper Image’s chief executive officer, said that “given the present retail climate and specialty nature of the company, as well as the limited financing available to the company, a sale of its business and assets at this time will preserve values and yield the best recovery to the company.”
Yesterday’s statement made no comment on specific buyers, but one candidate has already emerged. Earlier this month, Jerry Levin resigned as chairman of Sharper Image with the stated purpose of putting together a deal to acquire the retailer’s business. A Sharper Image statement released at that time said Levin “is interested in participating with other investors to acquire some or all of the company’s businesses or assets.”
