NEW YORK, March 9 (UPI) -- A group led by New York-based Knightspoint Partners said Thursday it wants to replace the entire board of Sharper Image Corp.
Knightspoint intends to field seven candidates to effect "an aggressive operational and cultural turnaround plan" because Sharper Image "has been slow to respond to changing market dynamics, has inefficiently deployed financial and other resources and has pursued a flawed new product development and merchandising strategy that has led to undue reliance on a narrow set of key product categories," it said in a statement.
Director nominee Jerry W. Levin said: "Sharper Image is a great consumer brand, historically providing consumers with innovative, quality products. However, the company's results have demonstrated that its strategy has stagnated."
