Thursday, November 20, 2008
Steve & Barry’s to liquidate
The Business Journal of the Greater Triad Area
Steve & Barry’s stores will liquidate by early 2009 after its new owners said they would not be able to find financing, Reuters is reporting.
The low-priced, casual apparel company filed for bankruptcy in July and was purchased earlier this year to the tune of $168 million by Bay Harbour Management and York Capital Management.
Steve & Barry’s has two Triad stores, one in Winston-Salem in University Centre, the other at Oak Hollow Mall in High Point.
According to the Reuters report, the slumping economy had taken a toll on the clothing chain, putting the new owners in violation of their credit agreements. According to the report, the firms said they have little chance of finding the financing to keep stores open.
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