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Published: July 10, 2008 08:43 am
Steve & Barry's files for Chapter 11 bankruptcy protection
Associated Press
NEW YORK —
Steve & Barry’s LLC, once a growing force in low-priced fashion retailing, said Wednesday that it filed for Chapter 11 bankruptcy protection, the latest merchant to succumb to a harsh consumer spending climate.
It also announced that it was considering a plan to sell all or some of its assets to repay outstanding debt, and was eliminating 172 corporate and field staff positions immediately.
Wendi Kopsick, a spokeswoman for the company, said no decision had been made about how many stores it would close.
The Port Washington, N.Y.-based chain operates 276 locations in 39 states – including stores in Oklahoma City and Enid, Okla. – and made a big splash with merchandising endorsements with actress Sarah Jessica Parker, NBA star Steve Marbury and other celebrities.
Steve & Barry’s opened a store at The Galleria in Richland Township just before the start of the Christmas rush last year.
“No decisions have been made at this time regarding stores,” Kopsick said.
The company is analyzing all of its operations, including its stores, she said.
The privately held parent company and 63 of its affiliates filed for protection from its creditors in the U.S. bankruptcy court for the Southern District of New York.
It joins home furnishings chain Linen ’n Things Inc., catalog retailer Lillian Vernon Corp. and specialty retailer Sharper Image Corp. in filing for bankruptcy protection this year.
Sharper Image, which now is being liquidated, is selling its remaining assets to an investment group for $49 million.
Steve & Barry’s officials blamed a cash crunch as a result of tighter credit markets and sluggish economic conditions. That hurt its plans to open stores and its ability to borrow money.
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