Clothing retailer Steve & Barry's intends to liquidate all 240 stores


POSTED: Friday, November 21, 2008

NEW YORK » Steve & Barry stores and its parent company have abandoned plans to keep stores open during bankruptcy protection and will liquidate them over the next few months, according to a bankruptcy court filing Wednesday.

It appears the Waikele location of Steve & Barry's will be affected, though neither corporate nor local officials would confirm its status. The store opened in April selling all items at below $10. A recent price change boosted prices to a maximum of $20.

The retailer had filed for Chapter 11 bankruptcy protection in July after its growth plans were hurt as consumers cut back on spending. The investment firms that bought Steve & Barry in August said they planned to close some stores and keep operating with a smaller base.

But the retailer and its owner, affiliates of Bay Harbour Management and York Capital Management, said in the filing that they have joined with liquidator Great American Group LLC to liquidate all inventory in remaining stores by early next year at the latest.

Legal counsel for Steve & Barry's had no immediate comment and there are no further details on its Web site,

The Wall Street Journal reported this week that the store chain, would announce the closing of all its stores, less than three months after being purchased out of bankruptcy.

Based in Port Washington, N.Y., Steve & Barry's had 240 locations when it was bought.