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A U.S. bankruptcy judge has granted permission for the sale of Sharper Image assets at an auction in New York on May 28.

Also approved by U.S. Bankruptcy Judge Kevin Gross is a 2% breakup fee for a joint venture group led by several firms if it is outbid by another suitor. The group is now considered the stalking horse bidder.

Leading the group is Hilco Consumer Capital L.P. and GB Brands, LLC in partnership with Windsong Brands LLC and Crystal Capital, according to documents filed Tuesday with U.S. Bankruptcy Court for the District of Delaware.

A sales agreement between Sharper Image and the group specifies a cash "consideration" of $51.2 million.

The San Francisco merchant filed for Chapter 11 bankruptcy protection in February.

According to court documents, the agreement with the joint venture group covers:

* Purchased intellectual property.

* Purchased contracts.

* Any and all assets relating to Sharper Image’s catalog and e-commerce business.

* Advertising and marketing materials.

HCC and GBB said in a statement they have developed a global licensing strategy for wholesale, retail, direct-to-retail e-commerce and catalog businesses which they intend to exploit.

Gross's approval came during a hearing at U.S. Bankrtupcy Court for the District of Delaware in Wilmington.

When it filed for bankruptcy protection, Sharper Image listed $251.5 million in assets and $199 million in total debt as of Jan. 31 (Direct Newsline, Feb. 21).

The firm’s creditors include United Parcel Service, which is owed more than $6,654,431; Quebecor World (USA) Inc. ($3,636,484); Tom Tom Inc. ($2,075,439); Garmin International Inc. ($2,070,133); Novus Print Media Inc. ($1,738,481); New ($1,669,471); Interactive Health ($954,950); Philips Consumer Electronics ( $913,399); SkyMall Inc. ($840,000); Thelen Reid Brown Raysman ($734,276); Google Inc. ($663,197); and Linkshare ($517,430), according to the filing.