Apparently Everyone Else is "Just Browsing" at Steve & Barry's

Here is some news on Steve & Barry's, America's finest outfitter for people looking for college gear of random crappy teams like Hofstra, Georgia Southern, and Michigan (yeah I said it).

This story is from reuters.com about S&B's having no money:

NEW YORK (Reuters) - Retailer Steve & Barry's LLC is readying plans to close more than 100 of its stores, and is contemplating a full liquidation should it not find emergency financing, the Wall Street Journal reported on its website on Monday.

The article, citing people familiar with the company, said the retail chain is seeking a tentative plan for about $40 million in debtor-in-possession financing if it must file for bankruptcy protection. Steve & Barry could not immediately be reached for comment.

The report said that last weekend, Steve & Barry's bankruptcy counsel, Weil Gotshal & Manges LLP, prepared for a potential bankruptcy filing as soon as this week.

The article said bankruptcy attorney Harvey Miller is handling the case. Miller could not immediately be reached for comment.

This is all our fault really, since we've gone into Steve & Barry's dozens of times, and never bought anything until my Mizzou t-shirt a couple months ago.

The bright side is that you should be able to go to Northwest Plaza and pick up some Starbury wear for less than the outrageous $9 prices. Maybe it's just me, but I'd rather pay the extra $11 to be seen in Zydrunas Ilgauskas' brand than Stephon Marbury's.

If the NWP store is closing (which would leave like 3 stores in the entire mall), we'll have to have a group outing and stock up on some gross college apparel. From the sounds of it, we should be able to fill up a few bags, drop about $30 on the floor, and tell them to take it or leave it.

For further reading, here's an article from the Wall Street Journal, some kind of financial-type newspaper. No, I've never heard of it either.

No comments: