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October 6, 2008 10:05:38 AM CDT

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New Owners to Close All Sharper Image Stores

Posted Jun 2, 08 6:03 AM CDT in Business 

(Newser) – Specialty gadget retailer Sharper Image, purchased Thursday in a bankruptcy auction for $49 million by investment firms Hilco Organization and Gordon Brothers, will close its remaining 86 stores, reports CNet. The new owners say they’ve developed a wide-ranging licensing strategy for the brand and will continue developing the company after unloading some $50 million in inventory. Sharper Image filed for bankruptcy in February.

Sources CNET, Reuters

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Pedestrians walk by a Sharper Image store in Beverly Hills, Calif. in this Feb. 27, 2008 file photo.   (AP Photo/Nick Ut, File)
The Sharper Image will close it remaining 86 stores after being purchased in a bankruptcy auction.   (AP Photo/Josh Reynolds)
An exterior view of the Sharper Image at Stanford Shopping Center is shown in Palo Alto, Calif. in this June 6, 2006 file photo.   (AP Photo/Paul Sakuma, file)
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