Steve & Barry’s Won’t Be Selling T-Shirts Anymore

Sunday 07th of December 2008 05:20:53 AM

Steve & Barry’s Won’t Be Selling T-Shirts Anymore

The economic crisis is hitting retailers hard and some are already liquidating due to declining sales. Steve & Barry’s clothing store is one of the early victims as the company has decided to close the rest of its stores. That means there will be another 173 storing closings during the Christmas holiday season.

The closings will provide shoppers with some real bargains though, because up to $250 million of merchandise will be discounted. The Steve & Barry stores had filed Chapter 11 bankruptcy in 2008 and were then acquired by BH S&B Holdings for $168 million. It came as a bit of a surprise when the holding company decided to liquidate the stores since it has just purchased the clothing company.

The CEO of SB Capital, Scott Bernstein, said, “From its humble beginnings selling t-shirts across Long Island, Steve & Barry’s became a highly successful retailer of all kinds of quality casual wear, from T-shirts, jeans and sweatshirts to jackets, footwear and accessories for the entire family. These going-out-of-business sales will give the general public, as well as the thousands of loyal Steve & Barry’s customers, an opportunity to acquire brand name and licensed apparel at greatly reduced prices.” He added, “Inventory valued at approximately $250 million will be liquidated to the bare walls. Everything in the stores must be sold.”

The Steve & Barry stores headquarters are located in Port Washington, New York and have been in business for over 20 years. The stores sold affordable and casual clothing for men, women and children. The clothing lines included a number of celebrity styles such as those by Sarah Jessica Parker and Bubba Watson. The stores will be missed by many of its loyal customers. The closing of the chain will not be the only casualty of the economic crisis. There are sure to be others to follow.