Steve & Barry's shutting down all stores |
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| Thursday, 27 November 2008 | |
 Casual clothing retailer Steve & Barry's will close all 173 of its remaining stores, liquidating $250 million of merchandise, the company's owners said. Coming at the start of the holiday shopping season, the closures will provide shoppers with heavy discounts on all store items. The action
follows an initial closing of 97 stores after the chain was acquired in August by BH S&B Holdings, an affiliate of the investment firms Bay Harbour Management and York Capital Management, a month after it filed for Chapter 11 bankruptcy protection. The new owners shuttered stores as part of a restructuring plan and said they would operate with a "smaller, more productive" store base.
Going-out-of-business sales will start very soon and are expected to last 5-7 weeks. Some stores may be closed sooner. "From its humble beginnings selling T-shirts across Long Island, Steve & Barry's became a highly successful retailer of all kinds of quality casual wear, from T-shirts, jeans and sweatshirts to jackets, footwear and accessories for the entire family," noted Scott Bernstein, chief executive officer of SB Capital. "These going-out-of-business sales will give the general public, as well as the thousands of loyal Steve & Barry's customers, an opportunity to acquire brand name and licensed apparel at greatly reduced prices." "Inventory valued at approximately $250 million will be liquidated to the bare walls," Bernstein added. "Everything in the stores must be sold." Headquartered in Port Washington, New York, Steve & Barry's was founded over 20 years ago and offered low priced casual apparel for men, women and children. The Steve & Barry's brands included Bitten by Sarah Jessica Parker, EleVen by Venus Williams, Dear by Amanda Bynes, and Bubbagolf by professional golfer Bubba Watson. image: Steve & Barry's |
The investment firms, which bought Steve & Barry's for $168m, gave no reason for their plans to liquidate the business. 