Sharper Image finds a buyer

From Reuters

Bankrupt retailer Sharper Image Corp. will be sold to a joint venture of private investment groups, the groups said Wednesday.

The joint venture led by Toronto-based investment firm Hilco Consumer Capital and a unit of Boston-based liquidation firm Gordon Bros. said it had won its so-called stalking-horse bid for the retailer of high-end gadgets and appliances.

The firms said they had developed a licensing strategy for the Sharper Image brand and will partner with several global institutions to continue development of the company.

Windsong Brands and Crystal Capital also partnered to buy the retailer through the bid.

The company had put itself up for sale last month after filing for Chapter 11 bankruptcy protection in February, saying a sale was the best route given the weak U.S. economy and tight credit.

In a stalking-horse bid, the bankrupt company chooses the entity from a pool of bidders to make the first bid for its assets.

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