PRIVATE EQUITY FIRM GETS STEVE & BARRY’S
If you haven’t been to a Steve & Barry’s, you have to go. They have this sports gear for ridiculous prices - mainly $7.98 and $9.98. And they recently made a big name for themselves for their $15 Stephon Marbury Starbury shoes. Anyway, these guys are set to have 200 huge stores across the country by the end of the year, they are the fastest growing apparel retailer in terms of square footage and they’ve truly revolutionized the business in terms of high quality, low cost apparel.
On Wednesday, they announced that buyout firm TA Associates in Boston purchased a minority stake in the company, the first outside interest to get a piece in the upcoming retailing giant.
I know this probably makes Steve Shore and Barry Prevor very rich men, but it will also make TA very rich. I always said the first guys that get in on this will be very fortunate people. I also must say that Steve and Barry are really great guys. Even though they could be really cocky guys, they have no sense of ego, which is kind of refreshing.
By the way, you know how it became Steve & Barry and not Barry & Steve? When the childhood friends opened their first store in 1985, they had a coin flip. Barry won, but they thought it sounded better the other way.
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