Steve & Barry’s filed a “stalking horse” asset purchase agreement in federal bankruptcy court in Manhattan on Monday with BH S&B Holding LLC, a new subsidiary of investment firm Bay Harbour Management.
BH S&B Holdings would acquire certain of the bankrupt company’s assets for $163 million. According to Steve & Barry’s, BH S&B Holdings’ expressed the intent to continue operating the retailer with current staff and key facilities, including the company’s Port Washington, N.Y., headquarters; Columbus, Ohio, distribution center, and certain overseas offices.
The assets to be acquired include, but are not limited to, a minimum of 125 Steve & Barry’s store leases; all merchandise, with the exclusion of any product located at stores not purchased by BH S&B Holdings, and all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses, including Sarah Jessica Parker’s Bitten line. Bay Harbour would purchase $25 million in Steve & Barry’s inventory awaiting delivery for which the company would not otherwise be able to pay.
Along with Whippoorwill Associates, Bay Harbour acquired Barneys New York from bankruptcy and sold it to Jones Apparel Group in 2004. Dubai-based Istithmar purchased Barneys from Jones in June 2007.
“We believe that there are many beneficial terms specific to this offer beyond the $163 million offer,” Lori Fife, counsel for Steve & Barry’s, said during court proceedings.
The stalking horse bid will serve as a starting point when the company’s assets hit the auction block at 10 a.m. on Aug. 18 at the Manhattan offices of Weil, Gotshal & Manges LLP, which has represented Steve & Barry’s throughout its bankruptcy proceedings. The company hopes to complete the sale process in court on Aug. 19.
The retailer of cheap-chic apparel, which has 276 stores in 39 states, filed for Chapter 11 on July 9.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)