A group of private investment firms has won a bankruptcy auction for the assets of direct marketer Sharper Image Corp. for $49 million, according to wire service reports.
The joint venture is led by units of Hilco Consumer Capital Corp and Gordon Brothers Group.
The deal is subject to bankruptcy court approval.
About two weeks ago, U.S. Bankruptcy Judge Kevin Gross granted permission for the sale of Sharper Image assets at an auction in New York on May 28 (Direct Newsline, May 15).
Gross also approved is a 2% breakup fee for a joint venture group led by several firms if it is outbid by another suitor. The group was considered the stalking horse bidder.
The San Francisco merchant filed for Chapter 11 bankruptcy protection in February.
Hilco and Gordon Brothers said earlier this month that they have developed a global licensing strategy for wholesale, retail, direct-to-retail e-commerce and catalog businesses which they intend to exploit.
When it filed for bankruptcy protection, Sharper Image listed $251.5 million in assets and $199 million in total debt as of Jan. 31(Direct Newsline, Feb. 21)
The firm
