Steve & Barry's is seeking about $30 million in funding to avoid filing for bankruptcy sometime in the next month, according to a report in the Wall Street Journal. The closely-held retailer has also reportedly hired Goldman Sachs as a financial advisor, and a restructuring firm, Conway, Del Genio, Gries & Co.


The retailer has been hurt more by slower expansion by mall operators than significantly lower demand for its products. Much of the company's earnings came in the form of one-time, up-front payments from mall owners designed to lure the retailer to take over vacated sites, several people familiar with the company told The Journal. Without these payments, the stores are barely profitable, if at all.


Projected 2008 revenue is said to be approaching $1 billion, with EBITDA of roughly $20 million, two people familiar with its finances told the newspaper. The $30 million Steve & Barry's has been seeking in recent weeks would fund operations through 2008.

 
Officials at Steve & Barry’s could not be reached by SEW for comment and have not commented on the Journal article.