Steve & Barry's Files for Chapter 11 Bankruptcy
U.S. apparel chain Steve & Barry's on Wednesday filed for Chapter 11 bankruptcy protection, joining a lengthening list of retailers to seek protection from creditors in a slow economy.
The privately held company and several dozen affiliates sought protection with the U.S. bankruptcy court in Manhattan, court papers show. Steve & Barry's has between $500 million and $1 billion of both assets and debts, and more than 100,000 creditors, according to its bankruptcy petition.
Steve & Barry's is known for for selling inexpensive clothes and lines designed by celebrities like actress Sarah Jessica Parker, basketball player Stephon Marbury and tennis player Venus Williams. The company has operations in Port Washington, New York.
Other retailers with hundreds of stores each have also filed for bankruptcy protection this year, including Goody's Family Clothing, Linens 'n Things, Sharper Image, and jewelers Friedman's and Whitehall Jewelers.