Bay Harbour to Acquire Steve and Barry’s

September 1, 2008
SGB Update

New York-based investment firm Bay Harbour Management plans to purchase out of bankruptcy the assets of Steve & Barry’s for $168 million, and will keep open about 150 of the chain’s 276 stores. Steve Shore and Barry Prevor, the Long Island, NY, childhood friends who founded the company in 1985, will invest alongside Bay Harbour, sit on the company’s board, and play an active role in running the chain.

 

In addition to acquiring merchandise inventories and transfer rights to Steve & Barry’s store leases, Bay Harbour will acquire all of Steve & Barry’s intellectual property rights, including its celebrity and brand licenses and key facilities. The acquisition will include Steve & Barry’s Port Washington, NY, headquarters; Columbus, OH, distribution center; and certain overseas offices. Steve & Barry’s will also maintain a licensing relationship with entertainers and athletes including Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson.

Bay Harbour to Acquire Steve and Barry’s

August 21, 2008
SGB Update

Bay Harbour Management LC plans to purchase out of bankruptcy the assets of Steve & Barry’s for $168 million. The New York-based investment firm plans to keep open about 150 of the chain’s 276 stores, according to the Bay Harbour managing principal Douglas Teitlebaum. The deal remains subject to bankruptcy-court approval.


The investor group was the successful bidder at the auction to acquire certain assets of Steve & Barry’s. The acquisition is expected to be completed on August 25.


Steve Shore and Barry Prevor, the Long Island, N.Y., childhood friends who founded the company in 1985, will invest alongside Bay Harbour and sit on the company’s board. The two will continue to play a role at the apparel chain.

In addition to acquiring merchandise inventories and transfer rights to Steve & Barry’s store leases, BH S&B Holdings will acquire all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses and key facilities. The acquisition will include Steve & Barry’s Port Washington, New York headquarters, Columbus, Ohio distribution center, and certain overseas offices. Steve & Barry’s maintain a licensing relationship with entertainers and athletes including Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson.

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