Steve and Barry's will be out of business by early 2009
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[November 20, 2008]

Steve and Barry's will be out of business by early 2009

(Newsday (Melville, NY) Via Acquire Media NewsEdge) MELVILLE, N.Y. _ Retailer Steve & Barry's has filed for bankruptcy protection and will go out of business, according to a court filing released Thursday.

The Port Washington, N.Y.-based chain, which has more than 5,000 employees, will liquidate its stores by early 2009.

Affiliates of the company's new owners, who bought the ailing clothing retailer out of bankruptcy in August, filed for Chapter 11 bankruptcy protection in Manhattan on Wednesday.

Disappointing sales, amid the retail slump and greater economic slowdown, have made it difficult for the owners to get financing to continue operations, according to the filing.

"The appropriate course of action to maximize value for the benefit of all their stakeholders is an orderly liquidation," the filing said. The liquidation is scheduled to be completed by the end of the year or early next year.

With the holiday shopping season around the corner, the company is requesting to begin store closing sales immediately, the documents state.

RAS Management Advisors Llc is serving as restructuring adviser, and a joint venture of liquidation firms including Great American Group Llc, SB Capital Group, Tiger Capital Group and Hudson Capital Partners will assist in the liquidation, the filing shows.



Steve & Barry's, which launched in 1985 by selling college-licensed apparel, sells celebrity-endorsed clothing lines at locations around the country.

Investment firms Bay Harbour Management and York Capital Management bought the company after it filed for bankruptcy in July.



In a surprise move, the company laid off many of its corporate staff Monday, including newly appointed chief executive, Harold Kahn, sources said.

___

(Newsday staff writer Keiko Morris contributed to this report.)

___

(c) 2008, Newsday.

Visit Newsday online at http://www.newsday.com/

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

Copyright ? 2008 Newsday

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