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."
- September 17, 2008, Steve & Barry's to Keep 173 Stores, Shut 103 Others
- September 4, 2008, Why Did Steve & Barry's Avoid Data Collection?
- August 14, 2008, Steve & Barry's Landlords Fight Sale
- August 5, 2008, Steve & Barry's Sells for $163M
- July 14, 2008, More Retailer News
- July 14, 2008, Playing Serious Catch-Up
- July 8, 2008, The Fate of Steve & Barry's
- July 1, 2008, Steve & Barry's May Close Stores
- June 23, 2008, Steve & Barry's Cash Crunch