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It's happened—the chain known for the SJP Bitten collection and cheap, cheap clothes, has filed for Chapter 11 protection. Per WWD, "Following a mad dash for cash, Steve & Barry's came up short and Wednesday filed for Chapter 11 protection in Manhattan Bankruptcy Court along with 63 of its affiliates." While the "company's 276 stores are open and conducting business as usual as it begins to take steps to reorganize," the chain cut "172 corporate and field staff positions Wednesday." [WWD, subscription req]