Sorry, SJP, this really bites! The 11th hour white knight deal for Steve & Barry’s didn’t quite pan out. The retail chain filed for bankruptcy late Wednesday and liquidation sales have already begun on all of it’s remaining 173 stores. Sad considering Bay Harbour Management and York Capital Managemen bought the retailer out of bankruptcy in September for $168 million.
According to WWD, the firms recruited Hal Kahn, former chief executive officer of Macy’s East, out of retirement last month to serve as CEO. Kahn left earlier this week after not even a month on the job. Apparently the Steve & Barry’s was unable to find additional financing in the current economic environment.
This means celebrity and athlete collections such as Bitten by Sarah Jessica Parker, Dear by Amanda Bynes, Eleven by Venus Williams and Starbury by Stephon Marbury…are no more. Teens will just have to get their $12 jeans elsewhere.
Read "Bankrupt Steve & Barry’s to Liquidate" here
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