A U.S. bankruptcy judge has granted permission for the sale of Sharper Image assets at an auction in New York on May 28.
Also approved by U.S. Bankruptcy Judge Kevin Gross is a 2% breakup fee for a joint venture group led by several firms if it is outbid by another suitor. The group is now considered the stalking horse bidder.
Leading the group is Hilco Consumer Capital L.P. and GB Brands, LLC in partnership with Windsong Brands LLC and Crystal Capital, according to documents filed Tuesday with U.S. Bankruptcy Court for the District of Delaware.
A sales agreement between Sharper Image and the group specifies a cash “consideration” of $51.2 million.
The San Francisco merchant filed for Chapter 11 bankruptcy protection in February.
According to court documents, the agreement with the joint venture group covers:
* Purchased intellectual property.
* Purchased contracts.
* Any and all assets relating to Sharper Image
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