Update - Sharper Image

Last week the Sharper Image SHRP (NASDAQ) (see blog) forced its CEO out, Steven Lightman, and replaced him with Robert Conway a founding member of retail turnaround firm Conway, Del Genio, Gries & Co. Just a week later the company filed for chapter 11 bankruptcy. In a short statement, Sharper Image said it would continue to operate while it reorganizes the company.

For more on the change:

Mercury News
Bloomberg
St. Louis Business Journal
Business Week

Sharper Image Slide Continues - Turnaround Specialist Appointed New CEO

Activist shareholders managed to help remove short-lived CEO, Steven Lightman from his position at catalog firm, The Sharper Image SHRP (NASDAQ). Lightman, who came to The Sharper Image back in March 2007, has been unable to stop the company's continuing slide. He was originally appointed after sales at the firm continued to slid under the company's founder Richard Thalheimer. The board appointed Robert Conway, a founding member of Conway, Del Genio, Gries & Co as Lightman's replacement. The board made the announcement earlier today.

Sharper Image's board has been led by its chairman, Jeremy Levin. Levin, a turnaround specialist himself, heads up JW Levin Partners and came to his position as part of a dissident group of shareholders unhappy with the company's performance and management. The Sharper Image has been facing numerous problems for some time now. They risk the possibility of being de-listed and even worse many people are concerned there might be little hope for the company to make a comeback.

Keep a close eye on both Levin and its new CEO, Conway. Maybe they have something up their sleeve.

For more:

CNN Money
Businessweek
Wall Street Journal (sub. req)
MSN Money
Houston Chronicle