Steve & Barry’s begins closing stores

[DainBramaged]

Discount clothing chain Steve & Barry's, which originated in Philadelphia, has begun final liquidation sales at the 103 locations it will be closing following its takeover last month by BHY Holdings LHC, an affiliate of investment firms Bay Harbour Management and York Capital Management.
In the Philadelphia region, the chain has stores in Deptford (Deptford Crossing), Philadelphia (Franklin Mills) and King of Prussia (Valley Forge Shopping Center), as well as in Allentown (South Mall) and Lumberton (Evergreen Plaza).

According to the chain's Web site, all of those stores were to remain open.

Steve & Barry's LLC, based in Port Washington, N.Y., filed for Chapter 11 bankruptcy protection in July after ambitious growth plans were hurt by slower consumer spending and the credit squeeze.

The chain, whose Web site boasts that it prices no single item higher than $10.98, opened its first store in 1985 at the University of Pennsylvania while Barry Prevor, who grew up in in Long Island, N.Y., was graduating from Penn and Steve Shore was graduating from Tulane University.

The store carried licensed college apparel.

According to the chain's Web site, other campus-based locations opened over the next 13 years, and the first mall-based location opened in 1998 near Detroit.

A bankruptcy court approved the $163 million acquisition in August. Under terms of the deal the company is closing nearly half its locations to operate with a smaller base of 173 stores, in an effort to achieve profitability.
http://www.philly.com/inquirer/breaking/business_breaking/28503614.html

[47of74]

1. Our's closing soon

The one in Dubuque, Iowa is going to close in the near future, as is the one in Cedar Rapids.

[DainBramaged]

2. It sucks