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 Steve & Barry's LLC may be saved from liquidation after all. The clothing retailer has apparently received a takeover bid from an unidentified hedge fund, according to the New York Post.
The New York Post reports that the hedge fund is U.S.-based with, "a
track record of turning around distressed retail companies". A large
overseas investor could also jump into talks and there are reports
that Sears Holdings Corp. and Gap Inc. may be interested interest in buying Steve
& Barry's.
Lawyers that work on retail bankruptcies believed the operator of 276 stores in 40 states would likely have to liquidate due to the retail environment and lack of financing for buyers. Steve & Barry's filed for Chapter 11 protection on July 9 due to the high cost of materials and fuel prices, which have increased the cost of goods and operations. The Port Washington, N.Y.-based company wanted to either sell itself as a going concern or liquidate. The company has yet to name a stalking-horse bidder, but is set to hold an auction on Aug. 12 and a sale hearing two days later. - Maria Woehr New York Post Story Steve & Barry's latest retail casualty Buyers not likely for Steve & Barry's Categories Deal Video
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