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Steve & Barry's Store plans announced

17
Sep '08
Steve & Barry's announced its go-forward plan for existing stores, following its acquisition last month by BH S&B Holdings LLC, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management. Steve & Barry's will operate with a smaller base of 173 stores, better positioning the company to reach its profitability goals.

Final liquidation sales, featuring incredible deals on merchandise for the entire family, have begun at 103 closing STEVE & BARRY'S locations. The last sales day for 24 of these stores will be Wednesday, September 24th. The other locations will close soon, although there is no set final sales date. Visit steveandbarrys.com for a complete list of stores and their status and/or closing date.

Regarding new store openings, the company will move forward with previously announced plans to open a STEVE & BARRY'S store in the next few months at 692 Broadway in New York City, former home of the iconic Greenwich Village Tower Records store. No other new store decisions have been finalized at this time.

In its go-forward locations, Steve & Barry's will continue offering shoppers astonishing values on exclusive celebrity collections created with Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson.

Andy Todd, president of Steve & Barry's, said: “We're finalizing a strategic business plan that will put Steve & Barry's on track to meet our profitability goals over the long term. The decision to operate with a smaller, more productive store base is integral to that plan.

While the business rationale for this action is sound, we deeply regret the impact these store closings will have on our associates, our customers and the communities where these stores are located. We want to thank all of our associates for their dedication and outstanding contribution and will make every effort to transition displaced associates to go-forward stores wherever possible."

Steve & Barry's


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