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It's Official. Steve & Barry's to Liquidate

This was hinted at earlier in the week. Steve & Barry's is liquidating.

Three months after purchasing apparel chain Steve & Barry's out of bankruptcy, the new owners will liquidate the remaining 173 stores after plans to operate the chain fell victim to slumping retail sales and difficulty in getting financing.

Investment firms Bay Harbour Management and York Capital Management, which had bought the company for $168 million in August, plan to liquidate their holdings by early 2009, according to the company's Chapter 11 bankruptcy filing on Wednesday in Manhattan.

"This is the hardest environment in 30 years for retailers," said Peter Schaeffer, a partner with corporate restructuring and investment adviser Carl Marks. "Chances of companies that have filed for bankruptcy coming out whole is difficult."

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