Friday, April 07, 2006

Firebrand invests in Sharper Image

An investment group called Firebrand Partners announced that it has taken a 5.4 stake in The Sharper Image. Firebrand says that Sharper Image's shares are grossly undervalued.

"Firebrand said it would continue to talk with Sharper Image's management and meet with shareholders to increase value for those holding a stake in the company.

In late March, Sharper Image updated its efforts to turn around its business, saying it had slashed its work force, cut expenses and slowed new store openings. The company is known for its massage chairs and air purifiers."

Firebrand's site is somewhat interesting. They have case studies on two "turnarounds" they have pursued. One of them is still in the works with a company called Redenvelope.

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