A U.S. bankruptcy judge approved Steve & Barry's request for going-out-of business sales to begin immediately. The retailer filed for bankruptcy protection last week with a plan to liquidate its remaining 173 stores by early 2009.



Steve & Barry's originally filed for bankruptcy protection in July and was sold in August for $168 million to investment firms Bay Harbour Management and York Capital Management.


Liquidation companies Great American Group, SB Capital Group, Tiger Capital, and Hudson Capital Partners will assist the store closing sales. The former owners have already closed more than 100 Steve & Barry's stores in their case.