The Sharper Image filed for bankruptcy recently, making it harder to find gifts for those hard to shop for gadget loving dads, granddads and friends. One of many questions surrounding the bankruptcy has been how the company would divest its inventory. The suspense is over – the company has chosen the fire sale method: everything must go.

The company is fast tracking the sale with high hopes of a May completion date, followed by an auction of its business shortly after. Why the decision to sell? “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,” said Robert Conway, Sharper Image’s chief executive.

The Sharper Image fell apart financially after many years as a strong retail presence. Well known for selling items geared to tech heads and gadget freaks, the cause of its monetary demise was the ill-fated Ionic Breeze air purification line of products. As the products failed one after the other, the company became embroiled in years of lawsuits and settlements. The legal costs killed the once-thriving retail giant.

If you want to snap up a deal on a hand held Sodoku game, headphones, massage chair or other gadget, head on over to the Sharper Image site. It looks a bit bare at this point as they clear things out, but the prices are right. Besides, who else is going to get Uncle Bill that golf ball GPS locator if you don’t.

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Entry was posted on Friday, April 25th, 2008 at 4:58 am under Technology.

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