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Steve & Barry's May Liquidate

That didn't last long. New reports suggest that Steve & Barry's, seemingly rescued several months ago by private equity a hedge fund manager, may liquidate.

U.S. casual clothing retailer Steve & Barry's is set to announce this week it will go out of business, the Wall Street Journal said, citing two people familiar with the situation.

Bay Harbour Management LC, a private equity firm based in New York that acquired 175 of the company's stores, has hired a liquidation firm to handle the chain's going-out-of-business sale, the paper said, adding that around 5,000 employees will be let go.

Harold Kahn, who was hired in mid-October to run the revamped chain, is no longer with Steve & Barry's, the paper said, citing a person familiar with the situation.

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