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Bankruptcy Watch: Steve & Barry's Facing Store Closures

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Just last week, we posted about Steve & Barry's financial woes, which included hiring bankruptcy counsel. The WSJ reports the bargain basement retail chain is around $40 million in the hole: "With cash running short for retailer Steve & Barry's LLC, the company is readying plans to close more than 100 of its stores, and is contemplating a full liquidation should it not find emergency financing, people familiar with the company say." It's on the hunt for investors, and may have "private-investment firm Angelo, Gordon & Co. contributing $20 million," but are still $20 million short. Further: "Steve & Barry's and its various advisers and lenders are also reaching out to retailers such as Wal-Mart Stores Inc., Gap Inc. and Sears Holding Corp. co-owner Eddie Lampert to see if they have any interest in investing. So far, those retailers have shown little interest."

And what about SJP and the rest? No answer, per the WSJ: "An open question is what would happen to the slew of celebrity clothing lines developed in partnership with such boldfaced names as tennis star Venus Williams, surfer Laird Hamilton and actress Amanda Bynes." No word if any LA stores will be closing.
· SJP or Not, Steve & Barry's Hinging on Bankruptcy [Racked]
· Steve & Barry's, Short of Cash, May Shut Stores [WSJ]