Steve and Barry’s to go out of business
Retailer Steve & Barry’s has filed for bankruptcy protection and will go out of business, according to a court filing Thursday. The Port Washington, N.Y.-based chain, which has more than 5,000 employees, will liquidate its stores by early 2009. Affiliates of the company’s new owners, who bought the ailing clothing retailer out of bankruptcy in August, filed for Chapter 11 bankruptcy protection in Manhattan on Wednesday. Disappointing sales, amid the retail slump and greater economic slowdown, have made it difficult for the owners to get financing to continue operations, according to the filing. In late August, 100 of the chain’s 275 stores were closed, included locations in Lower Burrell and Hempfield, Westmoreland County. It still has stores in Century III Mall in West Mifflin, Beaver Valley Mall in Monaca, and Norwin Hills Shopping Center in North Huntingdon.
is a former freelancer.