CORRECTED - UPDATE 1-Investment firms win Sharper Image bankruptcy bid

(Corrects headline, first and second paragraph to clarify stalking horse bid) (Updates with details on group, background)

NEW YORK, May 14 (Reuters) - Bankrupt retailer The Sharper Image Corp SHRPQ.PK may be sold to a joint venture of privately funded investment groups, the groups said on Wednesday.

The joint venture, led by Toronto-based investment firm Hilco Consumer Capital and a unit of Boston-based liquidation firm Gordon Brothers, said it won the "stalking-horse bid" for the retailer of high-end gadgets and appliances.

In a stalking-horse bid, the bankrupt company chooses the entity from a pool of bidders to make the first bid for its assets.

The firms said in a statement that they have developed a licensing strategy for the Sharper Image brand and will partner with several global institutions to continue development of the company.

Windsong Brands LLC and Crystal Capital also partnered to buy the retailer through the bid.

Sharper Image had put itself up for sale last month after filing for Chapter 11 bankruptcy protection in February, saying a sale was the best route given the weak U.S. economy and tight credit.

Hilco Consumer Capital is a unit of the Hilco Organization, a privately owned financial services firm with headquarters near Chicago. It had also acquired assets of furniture company Bombay Co and New York-based Apparel Holdings Group, which operates the Caribbean Joe, Periscope, and Cupid's Cup labels.

The company's stock rose 1.5 cents to 20.5 cents on Wednesday. (Reporting by Emily Chasan, editing by Richard Chang)