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Steve & Barry's Landlords Fight Sale

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Steve & Barry's LLC's landlords objected to the sale of the bankrupt clothing retailer, saying the proposed buyer hasn't proved it will pay rent and asking that stores stay open before holiday sales.

Landlords holding leases for 14 shopping-mall locations said Tuesday in papers filed in Manhattan bankruptcy court that Steve & Barry's is in arrears by about $376,000 in rent since seeking protection from creditors. They asked that Bay Harbour Management LC guarantee payment on the leases and provide them with its financial statements, tax returns and operational history before being approved as a buyer.

The landlords ''have been provided no information'' about Bay Harbour's financial condition, they said.

Steve & Barry's, based in Port Washington, N.Y., won court approval to auction its assets on Aug. 18 after Bay Harbour placed an initial bid of $163 million. New York-based Bay Harbour's BH S&B Holdings, formed for the acquisition, is a joint venture with Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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