Steve & Barry’s, which is in bankruptcy proceedings, announced plans to close 103 stores. The retailer will operate with a smaller base of 173 stores, better positioning the company to reach its profitability goals. The closings follow the acquisition last month by BH S&B Holdings LLC, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management.
Regarding new store openings, the company will move forward with previously announced plans to open a Steve Barry’s store in the next few months at 692 Broadway in New York City, former home of the iconic Greenwich Village Tower Records* store. No other new store decisions have been finalized at this time.
In its go-forward locations, Steve & Barry’s will continue offering shoppers astonishing values on exclusive celebrity collections created with Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson.
Andy Todd, president of Steve & Barry’s, said: “Were finalizing a strategic business plan that will put Steve & Barry’s on track to meet our profitability goals over the long term. The decision to operate with a smaller, more productive store base is integral to that plan. While the business rationale for this action is sound, we deeply regret the impact these store closings will have on our associates, our customers and the communities where these stores are located. We want to thank all of our associates for their dedication and outstanding contribution and will make every effort to transition displaced associates to go-forward stores wherever possible.”
Final liquidation sales have begun at 103 closing Steve & Barry’s locations. The last sales day for 24 of these stores will be Wednesday, September 24th. The other locations will close soon, although there is no set final sales date.
Steve & Barry’s currently operates over 270 locations throughout the U.S.