Rising retail star Steve & Barry’s plummets
Hip apparel retailer Steve & Barry's, whose US footprint skyrocketed from 31 stores in 2003 to more than 270 in 2008, has gone bust. The chain filed for bankruptcy in July, listing assets of US$693.5 million and liabilities of US$638 million. At press time, the company was still operating stores and paying employees, anticipating a mid-August auction to sell off its holdings. In the meantime, several news outlets have reported that the retailer may soon be sold to Sears or the Gap.
August 1, 2008
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