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."
Published Jul 9, 2008
Modified Jul 9, 2008
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