Wednesday, July 9, 2008

Steve & Barry's Files Chapter 11

According to a Crain's story, Steve & Barry's has filed for Chapter 11 bankruptcy:

"But now Steve & Barry's is the latest victim of a sluggish economy that's been especially tough on retailers. The Port Washington, L.I.-based apparel company, which filed for Chapter 11 bankruptcy Wednesday, is still operating its 276 retail locations, but many, if not all, are expected to close if the firm does not find a buyer soon."

Sad to hear they "...axed 172 corporate and field staff jobs immediately." This story says they started closing offices Wednesday. When I was in the store last Thursday I overheard a couple shoppers talking about "free clothes." And then a gentleman greeted a manager-type, who advised "Hey, ____, get everything you want because this is going to be it." Besides inducing a panic response (I immediately grabbed 4 Wonderwall shirts for my husband), that comment made me surmise that laid-off staff was given a shopping free-for-all. Good for them, if true. I sent an email to PR, asking them to confirm, but most likely the PR department is part of the corporate axing.

Guess this makes the opening of the downtown store highly unlikely. Oh, and if there's a Steve & Barry's near you, or you're in midtown, go to Manhattan Mall soon and pick up those Wonderwall* shirts. They're made surprisingly well and even my husband was impressed upon trying them on and complimented the fit.

*From Crains: "Sears Holding Corp. is said to be negotiating with Steve & Barry's for the rights to sell some of the brands in its bargain stores, Kmart and Sears." So SJP could end up at Sears?

Steve & Barry's, Manhattan Mall, level 2, 33rd & 6th


meliindaa. said...

ohmygoodness i plan on running over to my local steve and barrys RIGHTNOW. well, if i could.

Anonymous said...

ahh! i remember i read that their was a rumour going around that this was where they were headed. =/ they actually just opened one nearby. i only bought a pair of sandals there. but, if they're having a closing sale then i'm definitely over there! hah... poor steve & barrys.

Lipstick said...

Oh so sad about Steve & Barry's! I've got to confess that I have never shopped there (since the nearest store is really far), but I did watch a segment about them on some news show (I think CBS Sunday Morning) and I thought their story was so cool.

Sharon S said...

Oh, thats such a shame-we haven't got that here in the UK but if I was in New York I would have definitely gone in there to shop!!

Anonymous said...

Very sad news Steve & Barry's! ((( Anyway, thank you so much for sharing dear

Hugs from Angel.

Imelda Matt - The Despotic Queen of Shoes said...

It's a sign of things to come, I imagine it's only going to get worse. You're so spot on about the PR being the first to be axed! SJP in Sears, now that's not cricket!

Elizabeth said...

I think it's telling that even the lowest-priced stores can't keep their doors open.