Yet another brand to file for bankruptcy, the Washington-based retailer began the auctioning process yesterday. It is expected that the investment firm, Bay Harbour, is going to purchase the hard-hit chain. Steve & Barry’s attorney; Weil, Gotshal & Manges Llp. are hosting the auction at their Manhattan office.
Steve & Barry’s is expected to sell for about $163 million. Despite the economic downturn Steven B. Greenberg, president of the Greenberg Group, Hewlett real estate advisers to leading retailers expects a turn-around for the retailer under new ownership. He expects them to focus on the more profitable stores and eliminate a number of the rest of the stores, about 30-50 percent.
Steve & Barry’s is known for it’s low priced products, usually keeping their clothing for $10 or less. They are expected to look for a supplier that can provide even lower priced services, to save on expenses. Hopefully they will experience the same success as other discount retailers have experienced during the recession.
Do you shop at Steve & Barry’s?
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