Phoenix-based SkyMall catalog lands in bankruptcy

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By Tami Hoey By Tami Hoey

NEW YORK (CNNMoney) - It's a sad day for shoppers who love Sasquatch statues and electric slippers.

The SkyMall catalog, a dog-eared best friend to bored and lonely fliers for 25 years, has filed for bankruptcy.

The seatback mainstay may have suffered a steep decline in readership and sales as airlines began loosening the rules that allow fliers to use electronics.

Whatever the cause, it appears that selling a wide range of extremely offbeat products, such as the iFetch ball launcher for dogs and a Bigfoot Garden Yeti statue, proved to be an unsustainable business.

The Phoenix-based outfit reported in its Chapter 11 filing that it has assets of between $1 million and $10 million, and liabilities of between $10 million and $50 million.

Chapter 11 bankruptcy allows companies to restructure their business and shed some of their debt.

Related: Shop the friendly skies at Valley-based Skymall