Steve & Barry's, the cheap clothing retailer that offered inexpensive fashions from celebrities like Sarah Jessica Parker, Amanda Bynes and Stephon Marbury, filed for bankruptcy for the second time in three months. Steve & Barry's, whose bankruptcy filing said it had no "prospects for continued financing of their business," will start liquidating and closing its 177 stores. Newsday reports that a group of employees who were laid off on Monday are suing because the company did not give them the required 60-day notice. Back in July, the Long Island-based company came under scrutiny during its financial troubles; it did receive a $163 million lifeline to restructure but the current economic situation was unforgiving. more ›

A judge approved for Steve & Barry's, the cheap-n-chic retail chain which faced bankruptcy earlier this summer, to be acquired by two investments firms for $163 million. Newsday reports the new group, BHY S&B Holdings LLC, made up of Bay Harbor Management and York Capital (with Steve Shore and Barry Prevor as investors), will "Steve & Barry's merchandise inventories, store leases and all of Steve & Barry's intellectual property rights, including its celebrity and brand licenses." Though Sarah Jessica Parker is still on board, Stephon Marbury claims Steve & Barry's still owes him $2 million in licensing fees--plus more in roylaties--for the Starbury brand. But Newsday points out, "Under the bankruptcy proceedings, the new owners would owe Starbury nothing." more ›

After finding themselves in bankruptcy last month, Steve & Barry's, the clothing retailer boasting inexpensive designs from Sarah Jessica Parker and Stephon Marbury, announced that an investment company has offered them $163 million. Newsday reports that a subsidiary of Bay Harbor Management, which specializes in "purchasing and revitalizing troubled companies," has made the offer, in exchange for some assets and would want the company to continue to operate. The offer needs to be accepted by bankruptcy court and would establish "a minimum price for other bidders during the auction process." One retail consultant said it would be a "steal." It remains to be seen what will happen with its stores--some would probably be closed. more ›

Yesterday, the Wall Street Journal and NY Times reported that discount retailer Steve & Barry's was facing bankruptcy. The chain had boasted how it took undesirable real estate and survived on very small margins to offer good quality, trendy clothing at low prices. Sarah Jessica Parker's lawyer said his client, who created a line of clothing for the company, was "surprised and disappointed" given how strong S&B's accounting statements were, but the WSJ noted this: "People close to the company’s finances say most of the retailer’s earnings came in the form of one-time so-called tenant improvement payments from landlords of $2 million to $7 million per new store." more ›