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Steve & Barry's May Liquidate

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That didn't last long. New reports suggest that Steve & Barry's, seemingly rescued several months ago by private equity a hedge fund manager, may liquidate.

U.S. casual clothing retailer Steve & Barry's is set to announce this week it will go out of business, the Wall Street Journal said, citing two people familiar with the situation.

Bay Harbour Management LC, a private equity firm based in New York that acquired 175 of the company's stores, has hired a liquidation firm to handle the chain's going-out-of-business sale, the paper said, adding that around 5,000 employees will be let go.

Harold Kahn, who was hired in mid-October to run the revamped chain, is no longer with Steve & Barry's, the paper said, citing a person familiar with the situation.

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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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