Steve & Barry's bid approved |
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Tuesday, 26 August 2008 |
 Steve & Barry's has received court approval for the US$163m offer made for its assets last week by BHY S&B Holdings LLC. The successful auction bid, which came a month after Steve & Barry's filed for Chapter 11 bankruptcy protection, is now scheduled for completion this week. The news
 follows reports that US Bankruptcy Judge Allan Gropper had expressed reservations over a provision in the deal that would remove legal claims against the company's executives. BHY S&B, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management, has agreed to continue operating the majority of Steve & Barry's 276 stores in the US but has not yet indicated exactly how many will shut down. The proposed deal includes the acquisition of Steve & Barry's merchandise inventories, store leases, intellectual property rights, celebrity and brand licenses and key facilities including its New York headquarters and Ohio distribution centre. Steve & Barry's has collections created with celebrities including Sex And The City icon Sarah Jessica Parker, tennis ace Venus Williams and NBA All-Star Ben Wallace
Image: SJP for Bitten
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