NEW YORK — BH S&B Holdings, anewly-formed affiliate of investment firm Bay Harbour Management, was thesuccessful bidder at the Steve & Barry's auction that concluded earlyThursday morning.
The bid, subject to Manhattan bankruptcy court approvalthis morning at 11 a.m., is expected to be completed on Aug. 25.
Under theterms of the $168 million purchase agreement, the majority of Steve &Barry's 276 stores will continue to operate, offering collections created withentertainers and athletes including Sarah Jessica Parker, Venus Williams, AmandaBynes, Laird Hamilton, Ben Wallace and Bubba Watson, all of which are producedunder licensing relationship with Steve & Barry's.
BH S&B Holdingshas not yet made any decisions concerning which Steve & Barry's stores willclose or when, but an announcement is anticipated next week.
The acquisitionby BH S&B Holdings also includes Steve & Barry's intellectual propertyrights, such as its celebrity and brand licenses, and the company's keyfacilities, including its Port Washington, N.Y., headquarters; Columbus, Ohio,distribution center, and certain overseas offices.
"Steve & Barry'soffers a unique, high-value shopping destination to the American consumer -- astore where one can buy the exciting Bitten collection by Sarah Jessica Parker,EleVen brand cross-trainers designed by Venus Williams that she wore whilewinning both Wimbledon and an Olympic gold medal this summer, and so many othertremendous brands," said Douglas Teitelbaum, managing principal of Bay HarbourManagement. According to Teitelbaum, "There's a fundamentally strongbusiness model at Steve & Barry's that just needs some fine-tuning to get itback on a growth track in order to reach its full potential."
"I am veryproud of what we've been able to accomplish with the Bitten brand, and have seenfirst-hand the efforts Steve & Barry's has put forth to ensure it achieveswhat we set out to do -- make classic casual sportswear accessible to allwomen," said Sarah Jessica Parker. "I'm very pleased that Steve & Barry'swill be able to continue to deliver on that mission and look forward tocontinuing our strong partnership."
Among the other investors in BH S&BHoldings are Steve & Barry's co-founders Steve Shore and Barry Prevor.
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