Sharper Image and Lillian Vernon File Chapter 11

[mandy]

Two struggling catalogers have taken a turn for the worse. Sharper Image Corp. and Lillian Vernon Corp. both filed for Chapter 11 bankruptcy protection in the past two days. Both companies cited poor holiday season results and a weak economy as the key reasons for the filings.

Sharper Image filed for Chapter 11 on Tuesday. In an affidavit filed in the U.S. Bankruptcy Court for the District of Delaware, the San Francisco-based high-tech gadgets and gifts merchant’s chief financial officer Rebecca L. Roedell said the company incurred declining sales since 2004 and net losses in each of the past three fiscal years. The bankruptcy petition lists total assets of $251.5 million and total debts of $199 million, as of Jan. 31...

full article: http://multichannelmerchant.com/news/Cha...r-Lillian/

[jezebel]

Both companies cited poor holiday season results and a weak economy as the key reasons for the filings.

I'd cite the fact that they both sell crap as the key reason for the filings. 

[FiberGuy]

[quote author=jezebel link=topic=17498.msg68325#msg68325 date=1204054447]

Both companies cited poor holiday season results and a weak economy as the key reasons for the filings.

I'd cite the fact that they both sell crap as the key reason for the filings. 
[/quote]

^^^^ Ditto ^^^^