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Steve and Barry's May Survive

In what is a previously thought to be an unlikely event, it appears that a buyer for most of the assets of Steve and Barry's has been found. According to the Wall Street Journal, Bay Harbor Management LLC, a private investment firm is the leading candidate to purchase the assets out of bankruptcy. Bay Harbor has a plan to keep anywhere from 125 to 200 stores open out of the 276 stores that the company had on the day it filed for bankruptcy. The exact number of stores Bay Harbor keeps open and which ones they turn out to be will be determined in great part by the outcome of negotiations between Bay Harbor and the various landlords and the lease concessions it is able to extract.

In the event that Bay Harbor is able to successfully conclude a transaction, then Steve and Barry's will remain open, albeit in fewer locations and with less growth in its future. Nevertheless, that is good news for the stores many fans, especially for those fans of its many clothes and shoes endorsed and/or designed by celebrities and sports figures such as Stephon Marbury, Ben Wallace, Venus Williams, Sarah Jessica Parker and Amanda Bynes will continue. Those clothing and shoe lines are an integral part of the Steve and Barry's business model and the bid by Bay Harbor for the Steve and Barry's assets includes those licenses.

Full post as published by Sports Biz on August 19, 2008 (boomark / email).