SAN FRANCISCO (AP) - Sharper Image Corp. (News) said Friday a Delaware bankruptcy court authorized the specialty retailer to sell all its assets to an investment group for about $51.3 million at auction on May 28.

The investment group is a joint venture of Gordon Brothers Retail Partners LLC, GB Brands LLC, Hilco Merchant Resources LLC, and Hilco Consumer Capital LLC.

The company said U.S. Bankruptcy Court for the District of Delaware authorized the company to enter into a purchase agreement with the group.

Sharper Image said the agreement is subject to higher or better offers at the auction and must also receive final approval from the bankruptcy court.

Chief Executive Robert Conway said the bid is 'the best offer that the company has received in connection with the proposed sale to date, and promises to help maximize the value of the company's assets by creating a competitive bidding environment' at the auction.

The hearing to approve the winning bid from the auction is scheduled for May 29.

The company filed for bankruptcy protection in February.

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