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Just weeks after filing for bankruptcy protection, the Sharper Image is seeking to close 96, or about half, of its retail locations, having determined that they are unprofitable.
The company is hoping to auction off the right to conduct store-closings to a liquidator on March 13, after having examined the finances of its 184 stores, writes Bloomberg.
The closings will reduce costs associated with the underperforming stores and will also help the company reduce debt. Sharper Image has been authorized to use $35 million worth of financing from Wells Fargo to continue to operate while it restructures.
The struggling company’s total sales fell 26 percent for the fiscal year ended Jan. 31.
The U.S. Bankruptcy Court has said it will allow the Sharper Image to mandate that gift card holders may only use the gift cards if they are using them for a purchase that is twice the value of the card.
Rival Brookstone is allowing Sharper Image cardholders to exchange the gift cards for a coupon worth 25 percent off items in the Brookstone stores.
Katz Media Group has added another new client, Lincoln Financial Media, and will sell ad time on the company’s 15 stations beginning immediately.
Katz also added CBS Radio and Entercom last week, picking them off from Interep’s list.
Katz has also…
Time magazine ousted Cosmo as the top magazine for college students in this year’s Anderson Analytics fall survey.
Time also jumped past People, which was last year’s No. 2, writes Ad Age. A Time spokesperson said the magazine did not run…
Out-of-home companies are bracing for the recession like everyone else, but they may not feel the sting as badly as other media.
Though the third quarter brought negative growth to the nation’s three largest OOH companies - Clear Channel Outdoor,…
CNN plans to offer newspapers a wire service as an alternative to the Associated Press. CNN, which already runs an internal wire service, will explain its new, expanded service to editors from about 30 papers who are visiting Atlanta this…
Regulatory filings reveal that billionaire hedge-fund manager Carl Icahn bought nearly 7 million additional shares — about $67 million worth — of Yahoo.
The investor paid an average of $9.92 for each share over the course of three days, bringing…
Email, news gathering and paying bills continue to be the most widely used online activities among U.S. adults, but downloading TV programs, watching videos and making web phone calls posted the biggest overall growth, according to data from Mediamark Research…
