Steve & Barry's $163 million asset sale approved

By Caroline Salls

Pittsburgh, Aug. 22 - Steve & Barry's LLC received bankruptcy court approval to sell substantially all of its assets to Bay Harbour Management and York Capital Management affiliate BHY S&B Holdings LLC for $163 million, according to a company news release.

The sale is scheduled to close on Aug. 25.

Under the purchase agreement, the majority of Steve & Barry's 276 stores will stay open.

According to the release, BHY S&B Holdings has not decided which Steve & Barry's stores will close or when, although an announcement is expected to be made in the next week.

In addition to acquiring merchandise inventories and transfer rights to Steve & Barry's store leases, BHY S&B Holdings will acquire all of the company's intellectual property rights and its key facilities, including its Port Washington, N.Y., headquarters, Columbus, Ohio, distribution center, and some overseas offices.

Steve & Barry's, a Port Washington, N.Y.-based national apparel and accessories retailer, filed for bankruptcy on July 9 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-12579.

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