Gadget giant Sharper Image goes bankrupt
The company's single-minded focus on gadgets, once its strength, ultimately sparked its downfall.
(FORTUNE Small Business) -- Sharper Image Corp (SHRP)., the San Francisco-based gadget retailer famous for its Razor Scooters and a line of air purifiers, filed for Chapter 11 bankruptcy protection on Tuesday after posting net losses for three consecutive years.
The company's stock plunged 72% on the news, ending the day at to $0.41 per share, after closing yesterday at $1.44.
Sharper Image had $251.5 million in assets and $199 million in debt as of Jan. 31, according to last night's filing in U.S. bankruptcy court in Wilmington, Delaware. The company plans to continue conducting business as usual while developing a reorganization plan, according to a press release.
The end of an era. The nothing-you-need store Sharper Image has filed for chapter 11 bankruptcy.