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Steve & Barry's Sold!

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Steve & Barry's has been on the auction block after filing Chapter 11. WWD reports that the low-budget chain was sold this morning to BH S&B Holdings, a recently-formed affiliate of investment firm Bay Harbour Management: "Under the terms of the $168 million purchase agreement, the majority of Steve & Barry's 276 stores will continue to operate, offering collections created with entertainers and athletes including Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson, all of which are produced under licensing relationship with Steve & Barry's." The deal also includes "Steve & Barry's intellectual property rights, such as its celebrity and brand licenses, and the company's key facilities." A decision about which stores will close is anticipated to be announced next week. [WWD, subscription req]