It seems like we are reporting more and more of stories like this recently. Retailer Steve and Barry’s, after attempting multiple strategies to stay afloat, filed for Chapter 11 protection in Manhattan today. Although not exactly a luxury retailer, the casual and college apparel company is pertinent here because their story might be the shape of things to come for many retailers.
Even with celebrity-designed, low-priced lines like dear by Amanda Bynes, Bitten by Sarah Jessica Parker, and Eleven by Venus Williams, the company will still have to take steps to reorganize, a process which could include a sale of the company or its assets to repay outstanding debt. The retailer will also reduce expenses through layoffs and
office consolidations. The firm cut 172 staff
positions, as of today. The stores are still carrying on business as usual, however, while the company plans its next move.
See what’s available at Steve and Barry’s website here.
Source: WWDSee the Top Ten Summer 2016 Trends for Women Over 40