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The slow train wreck that is the Sharper Image continues: today, Jerry Levin resigned as chairman of the beleagured retailer. This new wrinkle, though, has a bright side: Levin said that he and a group of investors are interested in acquiring some or all of the company’s assets.
Levin’s resignation and stated desire to purchase the company is “a good sign that the company will be restructured and sold,” according to Stuart Rose, managing partner for investment bank Tully & Holland, writes Multichannel Merchant. Though the Sharper Image will come out of Chapter 11 much smaller than it was when it went in, it’s still a hot property, says Lee Helman, managing director of investment bank Finaco, who added, “There are multiple parties circling, all with varying degrees of interest in various pieces of the company.”
The Sharper Image filed for Chapter 11 in February. The struggling company’s total sales fell 26 percent for the fiscal year ended Jan. 31. Since January 2005, Sharper Image’s annual sales have slipped more than 50 percent, from $776 million to less than $400 million.
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…
Last week, Aegis Group CEO Robert Lerwill resigned unexpectedly, sparking speculation that a takeover may be on the horizon.
Lerwill stepped down officially today (Monday), with Aegis chairman John Napier taking over his duties on an interim basis, writes MediaPost. People…
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,…
The 82nd annual Macy’s Thanksgiving Day Parade pulled an average 12.6 rating/26 share on Thanksgiving morning, Nov. 27, according to Nielsen.
That was 8% higher than its telecast last year, Mediaweek writes. NBC estimated that a total 44.7 million viewers…
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…
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…
