Bankruptcy Watch: Will Steve & Barry's file for Chapter 11 Wednesday?

Steve & Barry's LLC could file for Chapter 11 bankruptcy protection as early as Wednesday, according to reports by The Wall Street Journal.

The retailer, which is known for selling its clothes for under $10 and carries various celebrity clothing lines by actresses Sarah Jessica Parker and Amanda Bynes, was seeking $30 million in financing. The company was looking for a private equity injection, and had reportedly hired Goldman Sachs Group Inc. to seek out the financing it needs.

The Wall Street Journal article reports that Steve & Barry's has been in last-minute discussions with Sears Holdings Corp. about a bailout or partial sale. The retailer is also now considering a plan that would sell off all of its assets. - Maria Woehr

The Wall Street Journal Article
The Deal's Article: Steve & Barry's May Be Doomed

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