Seems increased competition and diminishing margins–not to mention that infamous air purifier class-action suit–have taken their toll on the company. Its sales fell 26% during its last fiscal year, which ended Jan. 31. And it’s amassed $199 million in debt. With just $251.5 million in assets, the company (which just last week replaced its CEO with a crisis-management expert) is in dire straits. Said CFO Rebecca Roedell, “Sharper Image is in a severe liquidity crisis.”