Gadget retailer The Sharper Image plans to close all of its remaining stores, its new owners announced Sunday.
The company expects to sell $50 million in inventory as it shutters 86 stores across the United States, joint owners The Hilco Organization and Gordon Brothers Group said in a statement.
The group, which purchased the gadget retailer's assets in a bankruptcy auction Thursday for $49 million, said it has developed a licensing strategy for wholesale,, direct-to-retail, e-commerce, and catalog businesses.
The Sharper Image filed for Chapter 11 bankruptcy protection in February, with plans to shut about half of its 184 stores and reorganize. The San Francisco-based company said it had lost more than $135 million since early 2005. The company put itself up for sale in April.