filed for reorganization under Chapter 11 of the bankruptcy code Tuesday in Delaware, sending the battered stock tumbling nearly 65%.
The San Francisco-based company, whose sales have been slumping for months and months, said it will continue to conduct business as usual while it develops a reorganization plan.
Shares of Sharper Image were losing 93 cents, or 64.6%, to 51 cents after the filing. The stock has now fallen more than 80% in 2008.
A week ago, Sharper Image replaced CEO Steven Lightman with Ron Conway, who runs a New York-based management-consultancy firm, in an attempt to halt its sliding sales.