14242 Mon, 04/14/2008 - 12:27pm
SAN FRANCISCO–Jerry Levin has resigned as chairman of the board at The Sharper Image, and is setting a course to purchase the retailer’s assets with other investors, according to a statement from the retailer.
Levin “is interested in participating with other investors to acquire some or all of the company’s businesses or assets,” the statement said. “Accordingly, it was agreed that Mr. Levin would resign as a member and chairman of the board of directors, effective immediately.” Levin became chairman and interim chief executive officer, succeeding founder Richard Thalheimer, in September 2006.
The move adds more uncertainty to Sharper Image, which has been under Chapter 11 bankruptcy protection since February. In May 2007, Steven Lightman was named president and CEO, reporting to Levin, but Lightman resigned earlier this year and was succeeded by Robert Conway, founding member of the financial advisory firm Conway, Del Genio, Gries & Co.
In the Sharper Image statement, Conway said the retailer would “give full consideration to any proposal that may be made to acquire the company’s business or assets.” The statement also said “that there can be no assurances that such a proposal will be forthcoming.”