Upscale gizmo retailer The Sharper Image has filed for Chapter 11 bankruptcy protection blaming three straight years of losses on declining sales and problems stemming from its much-derided Ionic Breeze air purifiers.
According to court papers, the chain has been facing declining sales since 2004, and has posted losses during the last three fiscal years. As of January 31, the company claimed to have $251 million in assets and $1999 million in debt, with about $700,000 in cash on-hand. The company is seeking a $60 million loan arranged by Wells Fargo to keep operating.

