The Wall St. Journal has been covering the bankruptcy of Steve & Barry’s. Papers were filed on Wednesday.
An earlier report discussed the devastation ahead:
"A filing would be painful to mall owners across the country, who ponied up hundreds of millions of dollars to attract Steve and Barry’s into huge, empty spaces, often as large as 100,000 square feet. Many, and potentially all of those 275 stores could close, say people familiar with the matter. As of January, the company had between 16,000 and 17,000 employees; most of those jobs will be eliminated, people familiar with the matter say. Some vendors have already stopped shipping to the company in anticipation of a filing."
That’s really sad. In a different economic environment this might just lead to a reorganization but it sounds like total annhilation.
Get your Starbury’s now!
Related ProHipHop Coverage:
Stephon Marbury’s Starbury Collection
I work for a company that manages and tracks gift cards, and I’ve been following retailers filing for bankruptcy on savvywallet.com. My advice? Go spend your gift cards, you may not know how long they will be accepting them. Don’t forget The Sharper Image incident: $75m in unused gift cards.
This is terrible news, I think that the Steve and Barry model was a good model, the decision to sale everything in the store for 8.96 oe whatever was not a good move, they could have sold more things at the different prices, people were not complaining about the $10 shirt or 7.99 dress shirt, the prices were not the problem, the thing I think should happen is Steph should open his own Starbury stores throughout the U.S, he has Big Ben and they have to producers, he has the money, i think dude is getting 20 million this year, he could go public with Starbury as a separate company and issue 10million shares, they would sale at $10 a piece that is a cool 100 million right there, he could get it done, just put the store in every inner city, every lower income area, Steve & Barry’s is about to law off 17k people that is a lot of low income people that will loose their job on top of that the fact that 275 stores will close that is a lot of communities that will loose tax revenue, jobs and places to shop that is affordable, this will make the dollar go down even further and this will make the welfare rolls go up, watch
It seems pretty disappointing and I’m reading that folks are trying to buy up pieces of it rather than take it over.