Sharper Image Corp. (NASDAQ: SHRP) and catalog retailer Lillian Vernon Corp. filed for Chapter 11 bankruptcy Wednesday after struggling with declining sales.
Sharper Image, which will shed 90 of its 184 stores and is seeking a $60 million loan from Wells Fargo & Co., plunged as much as 80 percent in Nasdaq trading Wednesday.
Closely held Lillian Vernon said it plans to sell assets after revenue trailed its forecasts and costs rose.
Sharper Image, which competes with Brookstone Inc. and New York-based Hammacher Schlemmer, has posted 11 straight quarters of declining sales and ousted founder Richard Thalheimer in 2006 after losing more than three-quarters of its stock-market value.
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