That didn’t last long. New reports suggest that Steve & Barry’s, seemingly rescued several months ago by private equity a hedge fund manager, may liquidate.
U.S. casual clothing retailer Steve & Barry’s is set to announce this week it will go out of business, the Wall Street Journal said, citing two people familiar with the situation.
Bay Harbour Management LC, a private equity firm based in New York that acquired 175 of the company’s stores, has hired a liquidation firm to handle the chain’s going-out-of-business sale, the paper said, adding that around 5,000 employees will be let go.
Harold Kahn, who was hired in mid-October to run the revamped chain, is no longer with Steve & Barry’s, the paper said, citing a person familiar with the situation.
Previous entries:
- September 17, 2008, Steve & Barry’s to Keep 173 Stores, Shut 103 Others
- September 4, 2008, Why Did Steve & Barry’s Avoid Data Collection?
- August 14, 2008, Steve & Barry’s Landlords Fight Sale
- August 5, 2008, Steve & Barry’s Sells for $163M
- July 14, 2008, More Retailer News
- July 14, 2008, Playing Serious Catch-Up
- July 8, 2008, The Fate of Steve & Barry’s
- July 1, 2008, Steve & Barry’s May Close Stores
- June 23, 2008, Steve & Barry’s Cash Crunch
Bay Harbour is not a private equity firm. They are a hedge fund of the vulture fund kind. They do not have any investment banking nor M&A professionals on staff. To call them a private equity firm is a serious misnomber and incorrect.