Sharper Image Looks to Brighten Up

Battered specialty retailer Sharper Image(SHRP Quote), seeking to turn its fortunes around, named Steven Lightman president and CEO.

Lightman, who will start on April 9, most recently served as president of Crosstown Traders, a unit of Charming Shoppes(CHRS Quote).

He will replace Jerry Levin, who was named chairman and interim CEO in September following the departure of founder Richard Thalheimer. Levin will remain chairman.

"We are delighted to bring Steven's extensive direct marketing experience and proven retail management skills to Sharper Image," Levin said in a statement. "Throughout his career Steven has demonstrated an ability to manage complex and multi-channel operations, and has built a proven track record in developing and leveraging direct mail businesses."

Lightman was instrumental in forming Crosstown Traders, which was created from the purchase of apparel, food and gift catalogs that had belonged to Federated(FD Quote) and its Fingerhut subsidiary. Crosstown was acquired by Charming Shoppes in 2005, and Lightman served as president until January 2007.

Lightman will have his work out for him. Since November 2004, San Francisco-based Sharper Image has reported 28 straight months of negative same-store sales, or sales at stores open at least a year, according to Thomson Financial. Most recently, February same-store sales plunged 24%.

"This appears to be a good hire for Sharper Image," Cid Wilson, director of research at Kevin Dann & Partners, wrote Monday. "Sharper Image's direct-to-customer business makes up 40% of the company's total revenues, and the retail stores generate sales partially as a result of the products that are marketed via the direct-to-customer business."