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Last week, we reported that Steve & Barry’s was in danger of full liquidation. Unfortunately, they’ve filed for bankruptcy today, according to the Chicago Sun-Times . Along with filing for bankruptcy protection, the company was forced to close offices and fire 172 employees. The stores will continue to operate because of an agreement with its secured lenders. According to the Chicago Sun-Times, the co-founders, Steve Shore and Barry Prevor, blame “slower sales and high fuel and materials costs” as the ultimate reasons for bankruptcy.
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Image from wsj.com
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This is shocking. I just recently read an article in the Times about the company and how they keep the costs so low. I was always dubious—how could they sell a dress for $10? I hope it works out for them.
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.
Glad that Steve & Barry’s stores are staying open. My 12 yr old daughter loves that store.
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