Steve & Barry’s to close remaining stores
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- November
- 25
Steve & Barry’s said that it will close its remaining 173 clothing stores nationally as it becomes the latest retail chain to fall victim to slow consumer spending in a weak economy.
Twenty stores in New York state are affected by the closings, including one at the Palisades Center in West Nyack.
The company filed for bankruptcy protection last week.
Going-out-of-business sales are expected to last up to seven weeks, but some stores will close sooner, the company said. Steve & Barry’s, which sells casual wear for men, women and children, has been downsizing for months. In August, the company announced plans to close 97 stores and keep the rest open after two investment firms bought the Port Washington-based company. But now it is opting to shutter the remaining locations.
“These going-out-of-business sales will give the general public, as well as the thousands of loyal Steve & Barry’s customers, an opportunity to acquire brand name and licensed apparel at greatly reduced prices,” said Scott Bernstein, chief executive officer of SB Capital, which will help conduct the sales. “Inventory valued at approximately $250 million will be liquidated to the bare walls. Everything in the stores must be sold.”
This entry was posted
on Tuesday, November 25th, 2008 at 4:13 pm by Jay Loomis.
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