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Steve & Barry's Announces Liquidation Plans
November 20, 2008
Port Washington, N.Y.-based Steve & Barry's will liquidate stores by early 2009, after its new owners concluded they will not obtain financing to keep it in business amid disappointing sales, according to a Reuters report. The retailer had filed for bankruptcy protection in July, and sold its business the following month to the investment firms Bay Harbour Management and York Capital Management for $168 million. Several affiliates of the new owners recently filed for Chapter 11 bankruptcy protection. According to a court filing, sales at all stores have declined because of the general health of the American economy and the state of the retail market in particular. "The appropriate course of action to maximize value for the benefit of all their stakeholders is an orderly liquidation," the filing said.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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