Sharper Image closing sale procedures approved

By Caroline Salls

Pittsburgh, March 12 - Sharper Image Corp. obtained court approval of the procedures for selection of a liquidator to hold closing sales at 96 of its stores and one of its distribution centers, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, streamlining its retail business operations will allow the company to reduce its non-productive operating expenses and to focus its reorganization efforts on its remaining stores.

Liquidator bids were due by 1 p.m. ET on March 7.

All bids must include a 5% down payment, with another 5% down payment to be paid by the successful bidder within 24 hours of the auction.

The auction will be held Thursday, and the sale hearing is scheduled for Friday.

Sharper Image, a San Francisco-based specialty retailer, filed for bankruptcy on Feb. 19. Its Chapter 11 case number is 08-10322.

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