The Wall Street Journal
is reporting that the retail chain will announce
this week that it will liquidate only three months after private equity firm Bay Harbour Management acquired it out of bankruptcy for $168 million.
In September the chain closed 103 stores and planned to keep 175 of the stores open
under the supervision of Harold Kahn,
who assumed the chief executive position. Kahn is no longer with the
company, according to The Wall Street Journal's report, and Bay Harbour
has hired a liquidation firm to hold a going-out-of-business
sale. The stores will lay off 5,000 employees, according to reports. -
Maria Woehr
It looks like discount retailer Steve & Barry's LLC may join many other bankrupt retailers such as Linens 'N Things Inc., Mervyns LLC and Tweeter Opco LLC in liquidating after the holiday season. 
