Steve & Barry’s will close 103 stores, with 24 of them shuttered by Sept. 24, and keep 173 units in operation under its new owners.
This story first appeared in the September 17, 2008 issue of WWD. Subscribe Today.
The plans were disclosed late Tuesday by the retailer, which was purchased with bankruptcy court approval by BH S&B Holdings LLC, an affiliate of Bay Harbour Management and York Capital Management, for $168 million on Aug. 22.
Initially, the buyers told the court they would keep at least 107 leases, but the target was to keep 150 stores in operation.
There are 79 stores slated to be closed, but there is no shutdown date for them. Steve & Barry’s said they would close soon. A list of all stores and the retailer’s plans for them was posted on the company’s Web site.
Steve & Barry’s said Tuesday it will move forward with plans to open “in the next few months” a store at 692 Broadway in New York, a site previously occupied by Tower Records. No other new stores are planned at this time.
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.”
Like the purchase agreement penned last month, the go-forward plan outlined by the retailer on Tuesday noted the company “will continue offering astonishing values on exclusive celebrity collections created with Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson.” Its Port Washington, N.Y.-based headquarters, Columbus, Ohio-based distribution center and certain overseas offices were also included in the purchase.