Sharper Image filed Chapter 11 bankruptcy.
One observation made by MarketWatch is that $25 million in gift cards and certificates became worthless overnight since federal law allows a company to stop honoring store gift cards when it files Chapter 11.
Updated (5/31):
Sharper Image was purchased by Hilco Capital, Gordon Brothers and Bluestar Alliance for $49 million. It will operate solely as a licensing company, closing all remaining stores immediately.
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